This is the latest sign that Elon Musk’s influence on dog coins is waning
Tesla CEO Elon Musk, the richest man on the planet, recently posted a picture of his charming puppy Shiba Inu named Floki.
Floki Frankpuppy pic.twitter.com/xAr8T0Jfdf
– Elon Musk October 4, 2021
Although he announced that he would publish the photo in advance, Musk’s tweet did not have a significant impact on the prices of some cryptocurrencies.
Dogecoin, Musk’s largest meme coin actively promoted, added 3.49% after the billionaire’s tweet but quickly gave up its gains due to Bitcoin’s renewed weakness. It is currently trading in the red.
Shiba Inu, the Dogecoin affiliate that managed to break into the top 20 cryptocurrencies in May, has barely budged.
Even Floki Inu (FLOKI), a low-value imitator of the biggest parody cryptocurrency that was directly inspired by the businessman’s dog, quickly faded from the unimpressive 40 percent rally that recovered due to Musk’s tweet. It is currently at a measly 5 percent.
The small gains in the dog coins show that the effect of musk is gradually fading away. During the peak of the Dogecoin mania in mid-April, DOGE surged 100 percent in one day due to his tweet.
