Due to their lighter and more hilarious nature, meme coins have become one of the most popular sectors in cryptocurrency. Their success may also be attributable to high-profile sponsorships that spread a certain cryptocurrency to a larger audience. Elon Musk, a business investor and mogul, has had a significant impact on the trajectory of the meme coin industry and cryptocurrencies in general.
The entrepreneur recently became the new CEO of the popular social media platform Twitter on 27 October 2022. Musk's takeover of Twitter has resulted in the network becoming less restricted and more open, allowing anybody to express whatever they want without fear of repercussions. But what does this mean for meme coins like Dogecoin (DOGE), Shiba Inu (SHIB) and Big Eyes Coin (BIG)?
Despite Big Eyes Coin (BIG) trying to distinguish itself differently from other meme coins like Dogecoin and Shiba Inu, crypto enthusiasts will be able to see how the upcoming meme coin has learned from Elon Musk's influence on the two networks. The crypto newcomer has opted to utilise the power of crypto influencers to rise to the top but has concluded that it is more realistic to rely on a team of influencers who interact with journalists and media outlets.
Take StromzETH for example, a prominent crypto influencer who publicly advocated for Big Eyes Coin when he announced an NFT giveaway and a 5% bonus when purchasing in bulk. StromzETH has 62,000 Twitter followers, making his support for Big Eyes Coin advantageous to the network's growth.
Big Eyes Coin has also been advocated by the likes of Gino Assereto and Ieda Wobeto, two social media personalities that have a huge influence on Twitter also due to their following. Big Eyes Coin is currently in the sixth stage of its presale and has already managed to raise $9.75 million within less than a year of its existence.
Despite the dreams of its supporters, Musk's takeover of Twitter has yet to produce a substantial impact on his favourite meme coin, Dogecoin (DOGE). The original meme coin did not perform well in the current crypto market fall after an initial push. According to CoinGecko, Dogecoin was down 40% the previous week and is presently selling at $0.08 per coin.
In October, Dogecoin touched $0.12 on news of Musk's $44 billion acquisition of Twitter and the disclosure of documents indicating Musk was working on a "wallet prototype" that would handle cryptocurrency deposits and withdrawals. Those hopes, as well as the "Musk pump" for Dogecoin, were crushed a week later when Platformer tech writer Casey Newton revealed that any preparations for a wallet were on hold. Elon Musk first began his relationship with DOGE in early 2021, when he shared a Lion King DOGE meme on Twitter, contributing to the value and market capitalisation of DOGE's heavily fluctuating.
Shiba Inu (SHIB) is the second most successful meme coin and aims to be Ethereum's equivalent to Dogecoin's Srypt-based mining mechanism. Shiba Inu was developed under the identity "Ryoshi" in August 2020. After joining the market, SHIB swiftly acquired popularity and value as a community of investors lured in by the coin's adorable appeal. Shiba Inu's success is often attributed to headlines and tweets from influencers like Elon Musk. Musk's direct advocation for the blockchain network is somewhat nuanced.
On 24 October 2021, Musk said that he did not own any Shiba Inu, in response to a Shiba Inu-related Twitter account asking him how much SHIB he has. Musk just stated, "none" at the time. However, when Musk became the new CEO of Twitter, this caused SHIB to rapidly rise in market capitalisation, gaining an additional $2.29 billion.
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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