Elon Musk and the Meme Coins. On Twitter, the Tesla CEO mentioned on Friday that he will acquire a dog of the Shiba Inu breed. That promptly sent dogecoin imitator Shiba Inu (SHIB) up 17%, fueling speculation about whether Musk might have a new favorite meme currency. In the meantime, Musk has spoken out again, but expressed his support for DOGE. And that’s exactly on his birthday – because the South African native will be 50 years old today.
Musk reveals: this is what his dog will be called
Investors of the self-proclaimed “dogecoin” killer Shiba Inu (SHIB) experienced on Friday how the coin suddenly went up by 17% in the midst of rather weak crypto markets. Earlier, Tesla CEO Elon Musk had written on Twitter:
“My Shiba Inu will be called Floki”
My Shiba Inu will be named Floki
– Elon Musk (@elonmusk) June 25, 2021
Once again it has been shown: One keyword of the entrepreneur is enough to move the price of a coin. For example, Musk had tweeted about Dogecoin several times since the beginning of the year – with a massive impact on the price. This time, however, Shiba Inu shot up. According to Musk, many traders and retail investors invested in SHIB in the short term-probably in the expectation that Musk would continue to tweet about the meme coin and push the price up accordingly. But it turned out differently.
Because today in the early hours of the morning Musk tweeted again – but again spoke out in favor of Dogecoin. This brought the DOGE price up 5% in the short term within 24 hours.
Dogecoin developer Ross Nicoll had linked on Twitter a post from the online forum Reddit about the planned Dogecoin upgrade. Elon Musk comments Nicoll’s post with the words “important to support” – but the renewed endorsement of the Tesla CEO immediately gave the recently very competitive DOGE price an increase of about 5%. A little birthday pump.
Important to support
– Elon Musk (@elonmusk) June 28, 2021
DOGE as the “currency of the Earth”
The post describes the upgrade proposal in detail. Dogecoin developer Patrick Lodder writes in the Reddit thread:
“This proposal to all Dogecoin stakeholders suggests reducing the average fees for standard transactions on the Dogecoin chain by 100 times, sharing full control over all aspects of fees between miners and node operators, relying less on core development, and bringing back a functional (small) free transaction space that provides an incentive to keep the network healthy.”
Musk had already stressed in the past that it was important to reduce transaction fees and improve speed at Dogecoin to make DOGE the “currency of the earth”. According to the improvement proposal, DOGE is currently almost five times as expensive to use as Litecoin. It therefore makes sense to “reduce fees by at least 50 times in order to remain competitive”.
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