The Capital
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The Capital

What has Elon Musk done this time to Manipulate the Market?

MADE IN CANVA

Elon Musk’s cryptic tweets have again propelled many memecoins that have risen after dogecoin. Each currency experienced a spike right after the tweet, which specifically addressed them. This also comes on the heels of Baby Doge, a dogecoin spinoff being released.

The Name announcement that propelled Shiba Inu!

Shiba Inu, originally created to trump Dogecoin as the number #1 memecoin, has come far but not without support from high profile individuals involved in the Industry like Vitalik Buterin, a prominent co-founder of Ethereum who helped burn 50% of the circulating supply of SHIB(Shiba Inu’s native token). Shiba Inu has also been recently listed on Coinbase, which also boosted its price by a decent amount.

Not to forget the DogeFather himself who has caused every memecoin to skyrocket and motivated others to be developed.

This happened only moments after his tweet. At most, it can take a few hours, but generally, his tweets take effect within minutes. His recent tweet about naming his Shiba Inu, Floki, caused it to spike to $0.0000074, according to CoinMarketCap right after undergoing a dip. Due to his acknowledgment of the spike, it is not clear whether he wanted Doge or Shiba Inu to climb, after all, he is a staunch supporter of Doge and has not endorsed SHIB yet. Currently, SHIB is priced at $0.0000088 with a circulating supply of 394,796,000,000,000 SHIB.

Elon Musk indirectly mentions the Doge-1 satellite!

Only 5 days after the Shiba Inu tweet, Elon indirectly addressed the Dogecoin rocket that he had said would be launched by SpaceX. This mission will apparently be funded entirely by dogecoin, which at its current price, will require a lot of tokens. This helped in perpetuating the “dogecoin to the moon” meme, which is used as a way to spread the word about dogecoin’s eventual spike that will hopefully take it to a dollar has become literal.

This tweet resulted in a 4% spike taking its price to $0.257, according to CoinMarketCap, after dogecoin dropped by quite a lot during the recent crypto crash and lost most of its value. Dogecoin is also in the midst of getting an upgrade that will lower its transactions fees by a lot! Elon has claimed that it is important to support this change as it will take Doge closer to an eco-friendlier cryptocurrency. It is still not clear how much he is going to contribute to this upgrade or if he even is a part of this major change to the currency. Doge is currently priced at $0.248. Most cryptocurrencies that experience a dip or rise after his tweet tend to return to a more stable price as is evident from Bitcoin and Dogecoin.

The latest memecoin that has been acknowledged by Elon Musk!

Baby Doge is a new cryptocurrency that has birthed from the hype in memecoins. It also has a charity wallet that it uses to give to its partners like PawsWithCause that helps senior citizens and shelter pets come together. Inspired by Dogecoin, it has been following dogecoin and learning from its failures to move forward. His tweet has addressed Baby Doge subtly and, as usual, led to its price going really high.

Its price almost doubled, thoughts value is still negligible to a point where CoinMarketCap only shows <0.00000001 on the entire graph with the fluctuations. Although CoinGecko was kind enough to show that its price went to $0.000000002 and continued with its upward trajectory, now sitting at $0.0000000036. Expecting much from Baby Doge is not the wisest considering that even Elon couldn’t bring its value up by much, but it is also important to consider that only a month has passed since its making.

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DWAYNE D’CUNHA, WRITER ON MEDIUM.

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Dwayne D'cunha

Dwayne D'cunha

I write articles on Cryptocurrencies and social media.

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