Can Twitter's New CEO Boost Dogecoin and Shiba Inu? Know more

Elon Musk has publicly endorsed digital currencies like Bitcoin and Dogecoin on Twitter, which has emerged as a key forum for conversations around cryptocurrencies. After Parag Agrawal was chosen as the business's new CEO, it was important to determine whether the company would continue to support cryptocurrencies and, if so, whether it would extend that support to less well-known coins like Dogecoin and Shiba Inu.

Dogecoin, which was initially created as a joke in 2013, has become a sensation in the cryptocurrency space and is now taken seriously by both investors and aficionados. On the other hand, Shiba Inu is a relatively new cryptocurrency that was inspired by memes and has been growing in popularity over the past year. High-profile investors and influencers have taken an interest in both coins, which has increased their prices and expanded their fan bases.

Dogecoin and Shiba Inu

After Elon Musk teased the set of tokens with images of his dog shared on Twitter, Dogecoin (DOGEUSD) +2.27 percent, Shiba Inu (SHIBUSD) +1.98 percent, and at least one other dog-themed meme cryptocurrency experienced a rise. There is evidence that Musk's power to influence "meme-coin" prices will diminish.

While they are nicknamed meme-coins since they were principally produced as mostly internet jokes rather than real blockchain initiatives, this set of cryptos has grown to be more than a hoax. Dogecoin is the ninth-largest digital asset and has generated dozens of spinoffs, including Shiba Inu, which is the 13th-largest crypto. The Shiba Inu dog called "doge" served as the inspiration for the dogecoin meme.

Will Twitter's new CEO be Dogecoin and Shiba Inu friendly?

Elon Musk, the CEO of Tesla and the controversial owner of Twitter, who can move markets with a single tweet, uploaded three pictures of what appeared to be his dog sitting in an office chair next to a desk covered in Twitter swag. The new Twitter CEO is fantastic, wrote Musk in a post. He is the best person for the job. The price of the dog-themed cryptocurrencies Dogecoin, Floki, and Shiba Inu quickly soared. Dogecoin, arguably the first "meme-coin" (a cryptocurrency created specifically as a joke), saw a price surge of more than 5% in just over 15 minutes. The token's market cap surpassed $11.5 billion, according to CoinMarketCap, after increasing by around $500 million.

Musk's Shiba Inu antics appear to have only affected public dialogue during his time on Twitter, but meme-coin bulls may be witnessing more. With Musk's takeover of Twitter and the suggestion that he would seek to allow cryptocurrency payments on the social media network, Dogecoin in particular saw a boost, giving rise to hopes that the joke currency might really find some purpose. There isn't much evidence to suggest that Musk's tweets hinted at that or that cryptocurrency payments are imminent. But it's unlikely it will stop meme coins from moving every time Musk brings them up.

His most recent tweets might suggest that Musk has identified a replacement, although, at this point, this is just conjecture. The photographs of the Shiba Inu may have been used by the billionaire in a light-hearted manner to summarise the story before to an official announcement. We can only speculate as to whether the position required bias towards Dogecoin, Shiba Inu, or Floki.

Conclusion: Notably, Musk is this time also inflating the prices of FLOKI and Shiba Inu with his tweets in addition to Dogecoin. The fact that led developer Shytoshi Kusama also smiled in response to Musk's tweet could be the cause of the spike in SHIB's pricing. In the meantime, the community of meme coins has reason to celebrate the new CEO's moniker, "Floki."