By
Mayowa Adebajo
April 26th, 2024
Musk is well-known for his influence on the crypto markets, especially when it comes to coins like Doge.
Elon Musk’s Shiba Inu is the reason why crypto markets took an upturn recently. Musk recently posted a picture of his dog wearing a Twitter shirt and called it the “New CEO of Twitter” in his most recent tweet. This Twitter post from Musk spiked up the charts of the meme-based cryptocurrency Floki, Dogecoin, and Babydoge. Tesla’s CEO, who is also one of the richest individuals on the planet, instigated a spontaneous rise in the crypto marketplace Shiba Inu coins with his post on Twitter. He also added glasses to the dog’s look, calling it stylish and smart.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
Musk’s pet is also named Floki, hence, the price of the dog-based virtual asset FLOKI rose by 41% to around $0.00003. At the time of writing, FLOKI is up 33%.
Musk also pledged to establish a new Chief Executive Officer of Twitter as according to him, the only eligibility to become a CEO is to be foolish enough. People, therefore, immediately remarked on the appropriate appointment of the billionaire’s dog as the new boss.
Other tokens like Dogecoin and Shiba Inu also rose by six percent following Musk’s callous tweet.
Musk is well-known for his influence on the crypto markets, especially when it comes to coins like Doge. The South African Business tycoon has incited price explosions in the past with meme coins. When he dresses his dog in Santa Claus clothes on Christmas 2021, the community members came up with a new coin called Santa Floki with the ticker HOHOHO.
After its inception, the token rose to 19000% before falling flat in a span of two days.
Musk replaced Parag Agrawal as the new Chief Executive Officer of Twitter after the acquisition deal for the social networking platform concluded on October 27th. While the two CEOs were known to be cordial before the change of power, Elon Musk soured the relationship gradually by commenting menacingly about the way Twitter was run previously.
Elon Musk received a lot of flak for implementing biased and unnecessary regulations on the platform while allowing hate speech and anti-semitic accounts to present their views on the popular social media site. Subsequently, a poll was conducted to gather the number of people who wanted Musk to continue as the head. The billionaire lost and has been looking for a new CEO to fill in his position ever since.
Crypto markets are finally seeing light at the end of the tunnel after the dramatic fall of the famous cryptocurrency exchange FTX. Bitcoin has been able to leave behind its entire FTX-related decline. The market has also recovered following a boost from an altcoin season with several of these coins presenting double and triple profits.