DOGE and SHIB Spike After Elon Musk’s Tweet on Dogecoin Mascot

Both Dogecoin (DOGE) and Shiba Inu (SHIB), popular meme coins inspired by Kabosu, the dog, witnessed a notable surge on Friday following a tweet from Elon Musk.

After Musk’s tweet, DOGE saw a 5% increase, hitting a high of 17.3 cents, while SHIB also rose by nearly 3% during the same period. Despite a slight pullback, DOGE remained up by 6% and SHIB by 1% over the last 24 hours, outperforming the CoinDesk 20 Index.

This market movement underscores Musk’s significant influence on meme coins, leading to speculation about his potential Dogecoin holdings and the potential integration of the token into X’s payment system (formerly Twitter, now owned by Musk).

Kabosu, the Shiba Inu that served as the inspiration for Dogecoin and other meme tokens, passed away on Friday, as confirmed by her owner in a blog post. Kabosu lived to be over 17 years old.

Featured Image: Freepik

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