Dogecoin (DOGE) is seeing an impressive price rejuvenation today following the latest tweet from Twitter and Tesla Chief Executive Officer Elon Musk. The vocal CEO and billionaire posted a picture of his Shiba Inu dog breed as the new CEO of the social media platform.
A few months after Elon Musk took over Twitter, he announced his plans to relinquish his CEO role as long as he finds a suitable replacement. With the picture posted, Elon Musk said the new CEO is much better than the other guy, referring to Parag Agrawal. Unveiling his dog as a replacement has been ironically tagged by Crypto Twitter as a good move.
Commenting on the tweet, Dogecoin founder Shibetoshi Kusama tweeted, saying the dog was the only one crazy enough to take the job. Musk even went on to give the hilarious validation that the new CEO is perfect for the job.
This show of fun, peculiar to Musk, sent the price of Dogecoin through the roof following the tweet. The crypto industry's first-ever meme coin is trading at a price of $0.08594, up 7.68% at the time of writing, according to data from CoinMarketCap.
Good day for meme coins
The tweet from Elon Musk is notable and a much sought-after rally basis for all meme coins with relationships with the Shiba Inu dog breed. As a result, Shiba Inu (SHIB) jumped 4.82% in response to the tweet and is changing hands at $0.00001296 at the time of writing.
Floki Inu (FLOKI), for which Elon's dog is named, is even the biggest beneficiary of the tweet, as it soared by 33.2% to a price of $0.00002838. It is not unusual to see the prices of these meme coins soar on Elon Musk's prompting. What remains beyond the control of the billionaire CEO is the sustenance of the rally moving forward.