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Dogecoin and Its Copycats Quickly Erase Elon Musk-Driven Gains

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Mon, 10/04/2021 - 05:24
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Alex Dovbnya
This is the latest sign of Elon Musk’s diminishing influence on canine coins
Dogecoin and Its Copycats Quickly Erase Elon Musk-Driven Gains
Cover image via stock.adobe.com
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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.  

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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.