Elon Musk is sending meme coins into space again
Whatever Elon Musk is doing, the cryptocurrency community is responding quickly to it. Another tweet from Tesla’s CEO sent meme coins plummeting northwards, especially Shiba Inu. On Monday, October 4, the Tesla boss posted a photo of his dog Shiba Inu Floki on Twitter. This was enough to increase the SHIB price by as much as 50 percent.
As of this writing, Shiba Inu is up 54 percent trading at $ 0.00001317. The market capitalization of the coin is $ 5.1 billion. Elon Musk announced the first appearance of his new puppy last month.
Shiba Inu has witnessed increasing investor activity recently. Last week, a whale purchased nearly 6.1 trillion SHIB tokens at an astonishing $ 43.8 million.
Another cryptocurrency meme and a favorite of Elon Musk — Dogecoin ( DOGE ) also recorded strong profits. Currently, DOGE is trading 9% higher than last night, and its price is $ 0.23. The meme coin‘s market capitalization is $ 30.9 billion. Dogecoin was the first token to have the Shiba Inu logo back in 2013.
Elon Musk has been a staunch supporter of Dogecoin for a long time. But he is not the only billionaire supporting DOGE. Also, investor and billionaire Mark Cuban praised the cryptocurrency in a recent interview. Cuban, which owns the Dallas Maverick team, accepts DOGE payments for the sale of goods. In his recent interview with Fox Business, Cuban said :
There are many people who pay with Dogecoin . We sell thousands and thousands of dollars a month in low season, and when the season starts, I expect it to be weekly. And that’s really because they’re easy to spend, they’re not so valuable that people want to keep them forever.
NFT on the Dogecoin network
One of the most interesting events in the queue is the appearance of non — exchangeable tokens ( NFT ) on the Dogecoin platform. Billy Markus, one of the two co-founders of Dogecoin, addressed the idea in his tweets last week. Markus had a discussion on Twitter about the project’s ideal future. However, a large part of it revolved around how to introduce the NFT to the platform.
Another important proposal during the discussion was the transfer of the Dogecoin ecosystem to the Ethereum blockchain. This is not an easy task, but it would allow you to create a DOGE-ETH pair.
Markus argued to introduce the DOGE-ETH token to popular Ethereum-based NFT markets such as OpenSea. This would greatly increase the usefulness of the meme coin.
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