Altcoins

Elon Musk Tweet Sparks Dogecoin Surge, Shiba Inu Team Eyes Top 10

Dogecoin (DOGE) saw its price jump by over 4% after a recent tweet from Elon Musk referencing a scene from the 1979 film “Monty Python’s Life of Brian”

In his post, 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 latest nod to Dogecoin spurred a quick, though temporary, increase in its price.

pic.twitter.com/wXlbpNU97H

— Elon Musk (@elonmusk) April 15, 2024

Dogecoin Market Response

The Dogecoin daily chart shows a volatile 24-hour trading period, with the price encountering resistance around $0.0165, then dipping to form a support base near $0.0155. After a modest recovery, it failed to break the resistance again, suggesting a consolidating market. Despite fluctuations, DOGE remains among the top ten crypto assets.

Although the surge was brief, it demonstrated the X CTO’s effect on cryptocurrency markets. Since propelling Dogecoin into the limelight in 2021 with multiple endorsements, Musk has remained a pivotal figure in its market performance.

The meme coin peaked following his appearance on “Saturday Night Live” but has since adjusted to a lower, yet still robust, market position, maintaining its rank as the eighth largest cryptocurrency with a market cap of $22.7 billion.

It bears mentioning that Musk recently announced that his social media platform, X, would start charging a small fee for posting and liking to curb spam from bots. This has reignited speculation that Dogecoin could be used as a form of payment for these services. However, this has not been confirmed.

Shiba Inu Eyes Top 10

Meanwhile, Shiba Inu ecosystem content marketer Lucie reacted to the post, hinting at the potential of Shiba Inu’s trajectory similar to that of the top 10 cryptocurrencies by market cap.

$SHIB is soooo close to

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼‍♀️ (@LucieSHIB) April 15, 2024

For context, SHIB boasts a market cap of $12.8 billion, as it trades for $0.00002177 at press time. Shiba Inu briefly slipped into the top 10 list last month when it recorded a massive surge to $0.000045, overtaking Avalanche. However, at last check, SHIB ranks 12th, now below Avalanche.

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