Elon Musk participates in the 2022 Met Gala on May 2. Noam Galai—GC Images
One tweet from Elon Musk can move markets, and on Tuesday night, the Tesla CEO and embattled owner of Twitter rose the cost of canine-themed cryptocurrencies with simply a picture of his dog.
“The new CEO of Twitter is amazing,” gushed Musk, as his dog, worn a renowned Silicon Valley-design black turtleneck, sat authoritatively in a big armchair behind a desk.
Shortly later, the costs of cryptocurrencies Dogecoin, Floki, and Shiba Inu, all of which are called after dogs, skyrocketed. The gains highlight Musk’s capability to mint money with simply a couple of trigger-happy taps of his thumbs along with his concentrate on his Twitter personality, after he apparently purchased 80 Twitter engineers to enhance his engagement throughout the Super Bowl.
Dogecoin—perhaps the very first “memecoin,” or cryptocurrency produced particularly as a joke—leapt more than 5% in roughly 15 minutes. The token’s market cap increased by almost $500 million, reaching more than $11.5 billion, according to CoinMarketCap.
Floki, a memecoin initially called after Elon Musk’s dog, likewise increased precipitously. The cost of a private token increased by almost 50% in about an hour, as its total market cap skyrocketed by half. And Shiba Inu, another dog-themed memecoin called after the breed of Musk’s dog, likewise saw a rate dive, increasing more than 1.5% within the very first 15 minutes of Musk’s post.
Musk likewise tweeted a picture of his dog using glasses, a fit, and tie. “So much better than the other guy,” he composed, possibly referencing himself, a CEO who cut most of Twitter’s labor force considering that taking the business personal in October.
Musk said in December he would resign as Twitter’s CEO after he surveyed his more than 100 million fans about whether he need to remain on as “Chief Twit,” and most of citizens chosen he step down.
Musk’s moving markets with tweets is not a brand-new phenomenon. In 2021, he posted that Tesla was making “merch buyable with Doge,” and Dogecoin rose in action.
Three years prior to that, Musk tweeted that he “was considering taking Tesla private.” The “funding was secured,” he said. The cost of Tesla reacted appropriately, and financiers lost $12 billion as outcome, attorneys argued in a subsequent case versus Musk. In early February, a jury cleared Musk of any misdeed.
