Dogecoin Reacts to Musk’s Tweet, Shiba Inu’s Quest for Top 10 Continues

DOGE Price Soars Amidst Massive Transfer to Robinhood

Elon Musk’s recent tweet referencing a scene from “Monty Python’s Life of Brian” caused Dogecoin’s price to surge by over 4%. In the tweet, Musk humorously depicted the mainstream media as characters from the film, struggling to keep a straight face while reporting on Dogecoin’s status among the top ten cryptocurrencies by market capitalization. The tweet led to a temporary increase in Dogecoin’s price.

Dogecoin Market Activity

Dogecoin experienced a volatile 24-hour trading period, encountering resistance around $0.0165 before dipping to a support base near $0.0155. Despite a modest recovery, it failed to break the resistance again, indicating a consolidating market. Nevertheless, DOGE remains among the top ten crypto assets.

Related article: Dogecoin’s Rally: Potential Surge Ahead

Elon Musk’s influence on cryptocurrency markets was evident once again, as his tweet briefly boosted Dogecoin’s price. Since 2021, Musk has been a pivotal figure in Dogecoin’s market performance, propelling it into the limelight with multiple endorsements.

Related article: Dogecoin Founder’s Perspective on Crypto Crash Ignites DOGE Enthusiasm

Following Musk’s appearance on “Saturday Night Live,” Dogecoin peaked as the eighth largest cryptocurrency with a market cap of $22.7 billion. Although it has adjusted to a lower market position since then, Dogecoin remains robust, maintaining its rank among the top ten cryptocurrencies.

Speculation about Dogecoin’s Use

Musk’s recent announcement regarding his social media platform, X, potentially accepting Dogecoin as a form of payment has reignited speculation. However, this has not been confirmed. Meanwhile, Shiba Inu, with a market cap of $12.8 billion and trading for $0.00002177 at press time, aims to join the top 10 cryptocurrencies by market cap. 

Last month, SHIB briefly entered the top 10 list when it surged to $0.000045, surpassing Avalanche. 

However, it currently ranks 12th, below Avalanche. Lucie, a content marketer for the Shiba Inu ecosystem, hinted at Shiba Inu’s potential trajectory, drawing parallels to the top 10 cryptocurrencies by market cap.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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