• Elon Musk’s recent Twitter antics have caused a surge in social volume and price for Dogecoin, as well as other dog-themed meme tokens like Shiba Inu.
• His actions positively impacted the value of Dogecoin on 3 April, increasing its value by 21.49%. Despite the observed drop, Dogecoin was still trading above its long and short Moving Averages.
• The recent developments surrounding Dogecoin had a ripple effect that extended beyond DOGE to other dog-themed meme tokens, like Shiba Inu.
Impact of Elon Musk’s Tweets on Social Volume & Price of DogeCoin
Elon Musk has played a significant role in the fluctuating fortunes of Dogecoin [DOGE]. His actions, or lack thereof, have always had an impact on the digital currency’s value. However, his recent move of replacing the Twitter bird logo with the Doge logo took things to another level. According to Santiment, Dogecoin secured the seventh place on the top 10 hourly trend list. Notably, there was a significant increase in its social volume from 3 April. On 3 April, DOGE’s value experienced a 21.49% surge, reaching a high of $0.10; however at press time it had decreased by close to 4%, trading at around $0.08.
Ripple Effect Beyond DOGE
The recent developments surrounding Dogecoin had a ripple effect that extended beyond DOGE to other dog-themed meme tokens like Shiba Inu [SHIB]. On 3 April SHIB also experienced a 3.98% value increase; however at press time it had lost almost 2% of its value and was trading at approximately $0.000011.
DogeCoin Profit Calculator
Interestingly enough there is now a handy tool available called ‘DogeCoin Profit Calculator’ which allows users to quickly calculate how much 1 , 10 or 100 DOGEs are worth today.
Social Volume Metric
A view of SHIB’s social volume metric on Santiment did not reveal any significant spike in activity when compared to that of DOGE’s.
Overall it is clear that Elon Musk’s recent tweets have caused an influx in both social volume and price for both DogeCoin and Shiba Inu cryptocurrency tokens alike – making these two crypto currencies ones worth keeping an eye out for!