DOGE, SHIB continue trend of spikes following Musk tweets DOGE, SHIB continue trend of spikes following Musk tweets
DOGE is up 3.09%, while SHIB spiked 8.3% in the last six hours following Elon Musk's tweet reply to Dogecoin founder Billy Markus.
2 min read
Updated: Nov. 4, 2022 at 8:56 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tesla CEO Elon Musk hinted that “shit” brings money in the early hours of Nov. 4, which led Shiba Inu (SHIB) and Dogecoin (DOGE) to increase by 8.3% and 3.09%, respectively.
Dogecoin creator Billy Markus tweeted that he doesn’t think Twitter can be monetized easily, whereas Musk responded by using emojis to imply that shit brings money.
💩 —> 💰… 🤔
— Elon Musk (@elonmusk) November 4, 2022
Shitcoins surge
Both DOGE and SHIB surged within a few hours of the tweet.
Musk sent his reply around 5:00 am UTC on Nov. 4. At that time, DOGE was trading around $0.1194. Musk’s Tweet pushed DOGE up by 3.09%, reaching as high as $0.1231.
It was trading at $0.1222 as of press time.
On the other hand, SHIB recorded a higher spike. It was trading at $0.00001190 at the time of Musk’s tweet. In a few hours, SHIB surged 8.3% and reached as high as $0.00001289.
It was trading at $0.00001266 as of press time.
Musk’s association with meme coins
Elon Musk has been supporting Dogecoin nearly since its launch. He expressed his support for DOGE on many occasions and through his tweets. When it comes to why he is supporting DOGE, Musk says that he is doing a favor to investors who are not that wealthy.
On one occasion, he said:
“I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy that have encouraged me to buy and support Dogecoin. So I’m responding to those people.”
In June, Musk revealed his plans to integrate a crypto payment system on Twitter. Even though he didn’t mention DOGE, the community concluded that he’d be using it if and when he implemented the system. This speculation caused DOGE to spike by 18% when Musk was preparing to take on Twitter.
Mentioned in this article
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
Latest Dogecoin Stories
Featured Story
Advertise Here
In this article
Dogecoin
$0.43483
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
SHIBA INU
$0.00003
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.
