Dogecoin, SHIB continue trend of spikes following Elon Musk’s tweets | The Financial Express

Dogecoin, SHIB continue trend of spikes following Elon Musk’s tweets

SHIB gained 8.3% in a matter of hours, reaching a high of $0.00001289.

Dogecoin, SHIB continue trend of spikes following Elon Musk’s tweets
SHIB gained 8.3% in a matter of hours, reaching a high of $0.00001289. As of press time, it was trading at $0.00001266.

In the early hours of November 4, Tesla CEO Elon Musk hinted that “shit” brings money, causing Shiba Inu (SHIB) and Dogecoin (DOGE) to rise by 8.3% and 3.09%, respectively, informed Cryptoslate.

Accoring to Cryptoslate, Dogecoin creator Billy Markus tweeted that he doesn’t believe Twitter can be easily monetised, to which Musk responded with emojis implying that shit brings money.

SHIB, on the other hand, had a higher spike. At the time of Musk’s tweet, it was worth $0.00001190. SHIB gained 8.3% in a matter of hours, reaching a high of $0.00001289.

As of press time, it was trading at $0.00001266.

Musk revealed his plans to integrate a cryptocurrency payment system on Twitter in June. Despite the fact that he did not mention DOGE, the community concluded that he would use it if and when the system was implemented. When Musk was preparing to take on Twitter, this speculation caused DOGE to rise by 18%.

(With insights from Cryptoslate)

Also Read: Crypto exchange Binance helped Iranian firms trade $8 billion despite sanctions

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First published on: 06-11-2022 at 14:45 IST