Elon Musk’s latest attempt to stay relevant in the crypto space and pump Dogecoin has been met with mediocre success. However, other Doge-inspired meme coins have jumped in value.
Crypto’s greatest ever troll has continued his quest to pump Dogecoin and all of the other copycat meme coins. On 1 July at 8:43 am UTC time, Musk posted a Godfather-themed meme along with the words, “Release the Doge!”
Seconds after, Dogecoin jumped from US$0.24 to $0.261, an 8.75% increase. A sharp sell-off followed but then at 9:24 Musk tweeted again, posting a message consisting of slightly altered lyrics from the viral 2017 children’s song Baby Shark.
After this second tweet, Dogecoin rose about 5 percent back up to $0.260. This could hardly be considered a successful attempt to pump the price of Dogecoin.
Some in the crypto community suggested Musk’s tweets were beginning to lose their impact on the crypto market.
Bump in Baby Dogecoins
Although Dogecoin didn’t pump in response to Musk’s tweets, most of the other Doge-inspired meme coins, sometimes referred to as “Baby Dogecoins”, did. These included Shiba Inu, Baby Doge, which is up over 500 percent since its inception just over three weeks ago, and the brand-new Floki Inu. Musk tweeted about naming his new dog “Floki” on 25 June. In response, Shiba Inu jumped 25%, but Floki Inu went on a moon mission with an insane 3,500% surge in a matter of minutes.
Although Floki Inu did not repeat its lunar launch, it did soar from $0.00000269 to a high of 0.00001280, a 375% rise, between 1 July and 2 July, largely due to Musk’s tweet.
Musk Walks and Talks the Doge
Musk has been spruiking Dogecoin for months now, which many consider is the primary reason for its meteoric rise. Musk even went on Saturday Night Live to shill the coin. Since then though, Dogecoin has been steadily falling in price, despite Musk’s best efforts. Some analysts and traders consider this a blatant “top signal” for the whole market.
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