Twitter chief executive Elon Musk has sent the price of Dogecoin (DOGE) up 5.4% by posting a photo of his dog Floki sitting in a chair with a jumper featuring the word “CEO” on it.
Twitter instantly responded with suggestions that this was the new boss of the platform and the price of DOGE raised by 5.4% in 24 hours.
Even prior to taking over Twitter, Musk was habitually making jokes about DOGE, rephrasing catchlines such as “who let the DOGE out” which was misinterpreted as an endorsement by audiences. Sometimes, Musk has also driven the value of DOGE down.
Musk once tersely admitted that he would not recommend anyone to go out on a limb and invest everything they have in something of speculative nature, but beyond that – he has been enjoying the ride.
His latest antics have had an impact on another token – Floki, which is a namesake to Musk’s dog, and rallied by nearly 50% in the past few hours, according to CoinGecko data.
However, investors should not cheer that their long shot at DOGE has paid off. If anything, disproportionate and rapid increases in the value of DOGE are usually linked to market-wide selloffs later on, which has a negative impact on the industry as a whole.
But as markets recover, investors are getting bolder and they are once again willing to experiment with coins such as Floki, Shiba Inu (SHIB), and DOGE.
Altcoins have been on the up in the past three months for sure. SHIB has notched up 40% whereas Floki has now made a 242% gain over this period.