DOGE, SHIB continue trend of spikes following Musk tweets

Tesla CEO Elon Musk hinted that “shit” brings wealth successful the aboriginal hours of Nov. 4, which led  Shiba Inu (SHIB) and Dogecoin (DOGE) to summation by 8.3% and 3.09%, respectively.

Dogecoin creator Billy Markus tweeted that helium doesn’t deliberation Twitter tin beryllium monetized easily, whereas Musk responded by utilizing emojis to connote that crap brings money.

—> …

— Elon Musk (@elonmusk) November 4, 2022

Shitcoins surge

Both DOGE and SHIB surged wrong a fewer hours of the tweet.

DOGEUSD

Musk sent his reply astir 5:00 americium UTC connected Nov. 4. At that time, DOGE was trading astir $0.1194. Musk’s Tweet pushed DOGE up by 3.09%, reaching arsenic precocious arsenic $0.1231.

It was trading astatine $0.1222 arsenic of property time.

SHIBUSD

On the different hand, SHIB recorded a higher spike. It was trading astatine $0.00001190 astatine the clip of Musk’s tweet. In a fewer hours, SHIB surged 8.3% and reached arsenic precocious arsenic $0.00001289.

It was trading astatine $0.00001266 arsenic of property time.

Musk’s relation with meme coins

Elon Musk has been supporting Dogecoin astir since its launch. He expressed his enactment for DOGE connected galore occasions and done his tweets. When it comes to wherefore helium is supporting DOGE, Musk says that helium is doing a favour to investors who are not that wealthy.

On 1 occasion, helium said:

“I mean to personally enactment Dogecoin due to the fact that I conscionable cognize a batch of radical who are not that affluent that person encouraged maine to bargain and enactment Dogecoin. So I’m responding to those people.”

In June, Musk revealed his plans to integrate a crypto outgo strategy connected Twitter. Even though helium didn’t notation DOGE, the assemblage concluded that he’d beryllium utilizing it if and erstwhile helium implemented the system. This speculation caused DOGE to spike by 18% erstwhile Musk was preparing to instrumentality connected Twitter.

The station DOGE, SHIB proceed inclination of spikes pursuing Musk tweets appeared archetypal connected CryptoSlate.