Dogecoin Soars Over 6% After Elon Musk Tweets ‘Twitter’s New CEO Shiba Inu’

In a recent Twitter thread, Twitter CEO Elon Musk shared Dogecoin-related images that sent the memecoin’s value skyrocketing. Tesla CEO posted three photos of Shiba Inu sitting on the director’s chair in the Twitter office. Elon Musk dressed the puppy in different clothes and posed for each photo, most notably of the dog wearing a black T-shirt with “CEO” written on the right chest, and a tweet: “Twitter’s new CEO is fantastic.”

Immediately after the tweet, the price of Dogecoin surged more than 6 percent to a high of $0.087 before slipping slightly to its current level of $0.085, according to TradingView. This move is not surprising, as Elon Musk has tweeted about Dogecoin several times in the past, leading to a major bull run.

DOGE/USDT 1-hour chart | Source: TradingView

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Dogecoin was originally created as a joke in 2013, but has recently gained a lot of attention due to celebrity endorsements. The Tesla CEO has long been a staunch supporter of cryptocurrencies, and his tweets often move the market.

The appreciation of Dogecoin has confused many financial experts, as the currency lacks a specific use case and it is unclear what the future holds for this memecoin. However, on the strength of Elon Musk’s tweets, Dogecoin continued to rise and become popular with traders.

The Twitter CEO’s recent tweet once again demonstrates the power of social media and celebrity influence in the crypto world.

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according to AzCoin News

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