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Dogecoin and Its Copycats Quickly Erase Elon Musk-Driven Gains

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Mon, 4/10/2021 - 5:24
Dogecoin and Its Copycats Quickly Erase Elon Musk-Driven Gains
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Tesla CEO Elon Musk, the richest man on the planet, recently posted a photo of his charming Shiba Inu puppy named Floki.  

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Despite announcing that he would publish the picture in advance, Musk’s tweet had very little impact on the prices of some canine cryptocurrencies.

Dogecoin (DOGE), the largest meme coin that was actively promoted by Musk, added 3.49% following the centibillionaire’s tweet but quickly gave up its gains due to Bitcoin’s renewed weakness. It is currently trading in the red. 

Dogecoin
Image by tradingview.com

Shiba Inu (SHIB), the Dogecoin offshoot that managed to enter the top 20 of the largest cryptocurrencies in May, also barely budged.

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Even Floki Inu (FLOKI), the low-cap copycat of the largest parody cryptocurrency whose creation was directly inspired by the businessman’s dog, quickly erased the not-so-impressive 40% spike it recorded because of Musk’s tweet. It is currently up by a measly 5% .

FLOKI
Image by coinmarketcap.com

The meager gains posted by the canine coins show that Musk’s influence is gradually fizzling out. During the peak of the Dogecoin mania in mid-April, DOGE spiked 100 percent in a single day because of his tweet.

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