What is Elon’s Role in Recent Shiba Inu and Dogecoin Price Surge?

Elon Musk, the self-proclaimed Dogefather, continues to support the Shiba-Inu-themed Dogecoin community.

Elon Musk has always been vocal about how he supports Dogecoin and Shiba-Inu-themed cryptocurrencies despite the recent lawsuit filed against him and his companies, Tesla and SpaceX. Shiba Inu price started making an uptrend, recovering from the slump in the meme coin's price chart. Elon Musk often tweets about different cryptocurrencies, and in doing so, has seemingly impacted their prices. A few times throughout 2021, the price of an altcoin called Shiba Inu appeared to jump after Musk repeatedly posted images of his Shiba Inu puppy on Twitter. Recently, when Elon Musk wrote that he will keep supporting Dogecoin (DOGE) there was a huge price surge that helped DOGE to survive the crypto bloodbath.

The Qatar Economic Forum is a key event that convenes some of the world's most influential financial and economic thinkers and policymakers. Musk's support for the Shiba-Inu-themed meme coin, therefore, had a significant impact on both Dogecoin and Shiba-Inu holders.

Musk told Bloomberg in an interview that,

I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I'm responding to those people.

Furthermore, Musk told the interviewers that employees at SpaceX and Tesla have asked him to champion the cause for Dogecoin and this is the reason he continues to support the asset. Musk said, just people when I walk around the factory at SpaceX or Tesla, they've asked me to support Dogecoin, so I'm doing.

Musk supports Shiba-Inu-themed Dogecoin despite a US$258 billion lawsuit that alleges the billionaire is part of a racketeering scheme to back the cryptocurrency.

Musk's pro-Dogecoin comments line up with the coin's line going up, which again gives some credence to the claims made in Johnson's lawsuit. It remains to be seen if the lawsuit will bore any results, but Musk continues to give at least tacit evidence that his whims have some influence over Dogecoin's market.