The current rise in the value of cryptocurrencies can be directly attributed to Elon Musk's Shiba Inu. Musk has only recently uploaded a picture of his dog wearing a Twitter shirt, and in his most recent tweet, he referred to the dog as the "New CEO of Twitter."
Following the publication of this tweet by Musk, the meme-based cryptocurrencies Floki, Dogecoin, and Babydoge all experienced significant price increases.
Through a post (1) he made on Twitter, Tesla's CEO, Elon Musk, also one of the wealthiest people on the planet, was responsible for a sudden increase in the value of the cryptocurrency market's Shiba Inu coins.
He called the dog's new look fashionable and clever and added glasses to complete the transformation.
As a result of the fact that Musk's pet dog is also called Floki, the value of the token FLOKI, which is based on dogs, increased by 100% and is now worth approximately $0.00003. As this article is being written, FLOKI has seen a 59% increase.
Musk also promised to appoint a new Chief Executive Officer for Twitter, even though he believes the sole requirement to become a CEO is to have sufficient idiocy to qualify for the position.
People quickly began to comment on how fitting it was that the billionaire's dog had been appointed as the company's new head.
Following Musk's callous tweet, the value of other tokens, such as Dogecoin and Shiba Inu, increased by six percent.
It is common knowledge that Musk significantly impacts the cryptocurrency markets, particularly with coins such as Doge. The South African business tycoon has been responsible, in the past, for inciting price surges with meme coins.
In 2021, when he celebrates Christmas by dressing his dog up as Santa Claus, community members create a new cryptocurrency and give it the ticker symbol HOHOHO. This coin is called Santa Floki.
After the token was first introduced, its value increased by 1900% before reaching a plateau after only two days.
Musk's Acquisition of Twitter
After the completion of the acquisition of the social media site on October 27th, Musk took over as the new CEO of Twitter, succeeding Parag Agrawal. Before the power shift, it was common knowledge that the two CEOs enjoyed a friendly working relationship.
However, Elon Musk steadily poisoned the relationship by making threatening comments about the prior management of Twitter.
Elon Musk has taken a lot of heat for allowing hateful speech and anti-semitic accounts to exist on the popular social networking site while at the same time installing biased and unnecessary controls on the platform.
After that, a survey was carried out to determine the percentage of those who favored Musk retaining his position as CEO. Since the billionaire's bid was unsuccessful, he has been on the hunt for a successor to serve as CEO of his company.
After the shocking failure of the well-known cryptocurrency exchange FTX, the cryptocurrency markets are beginning to glimpse a glimmer of hope at the end of the tunnel. Bitcoin has been able to recover completely from the dip that was caused by FTX trading.
Additionally, the market has rebounded after receiving a lift from an altcoin season, which resulted in several of these coins delivering earnings that were doubled or tripled.