Dogecoin and Shiba. It is Elon Musk who sets the token prices using Twitter.

Dogecoin and Shiba. It is Elon Musk who sets the token prices using Twitter.

Tesla and SpaceX CEO, Elon Musk, has once again changed the already volatile cryptocurrency markets with a series of tweets, causing Shiba Inu and Dogecoin token prices to fluctuate sharply.

The recent surge in Shiba’s value has to do with a petition (well over 300,000 signatures have been collected) for the cryptocurrency to be included in the Robinhood retail app. “This petition is intended to kindly request Robinhood to put Shiba coins on sale,” says the appeal. “Let’s encourage Robinhood to be the first traditional broker to board this train!”

After collecting 200,000 signatures, petitioner Tristan Luke wrote: “Congratulations guys. We did it. All indications are that Robinhood is coming soon. “

Despite “all indications”, many experts are not convinced of the reasons for the recent move. Vijay Ayyar, Asia Pacific chief of the Luno crypto exchange, reportedly told Bloomberg, “With meme coins like these, it’s hard to speculate honestly about the real causes of price movements.”

However, the subsequent decline in the token price by almost 12% can be linked to Elon Musk’s Twitter posts. When asked on Twitter how many Shiba Inu coins he has, Tesla CEO simply replied, “none.”

Musk again replied that he “purchased several ASCII hash strings named  “Bitcoin, Ethereum, and Doge. “

Unlike Shiba Inu, Dogecoin appears to have risen in response to Musk’s endorsement, rising almost 7% from his comment.

Dogecoin: “crypto for people”

Musk’s story with Dogecoin is long and well-documented. In addition to simply tweeting, he also worked closely with the project developers to improve the basic protocol.

Ross Nicoll, developer of Dogecoin Core, told Decrypt in May that Tesla’s CEO spoke to the developers and even volunteered to fund their work (an offer they rejected).

26-10-2021, Mr Advice TEAM

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