Memecoin has been experiencing a price war with rival Dogecoin in recent weeks. Dogecoin became extremely popular earlier this year and has since soared over 11,000% in value. However, the price has been struggling lately. The new currency is likely to receive support from Robinhood, a popular cryptocurrency trading app.
Dogecoin Community
Tesla, Inc. (TSLA) CEO Elon Musk has been vocal in his support of the dogecoin community and regularly tweets about meme coins. The cryptic tweets often move the prices of meme coins. A recent example was when Musk tweeted a picture of a Shiba Inu puppy sitting on his Tesla. This news sparked massive gains for hundreds of altcoins.
Avid Crypto Enthusiast
Despite this dispute, Musk has continued to advocate for Dogecoin and Shiba Inu. The new coin has been gaining steam in recent weeks, and the Tesla Inc. CEO is known to be an avid crypto enthusiast. While Musk’s latest tweet is no clear intention, his Twitter feed features a diverse collection of crypto memes. His tweets also contain Monty Python sketches, updates on SpaceX launches, and Tesla Inc.’s self-driving software.
As the Memecoin Price Wars continue, the price of Shiba Inu Coin is surging after being added to Coin base. Amid wild speculation that Robinhood would add a cryptocurrency to its platform, the cost of Shiba Inu rose over 500% in one day. It would have to increase by 169x to reach the $0.01 mark before it would become viable for trading on the platform. This move was not surprising.
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Range of Supporters
As Elon Musk Signals Dogecin Support, the Shiba Inu competes with Dogecoin. Both have received significant support from a wide range of supporters, and the Shiba Inu Coin has soared in recent days. Moreover, its price has risen by more than 500% since its founder announced the newest Shiba Inu development.
Quatrain of Seven Steps
Amid the Memecoin Price Wars, Musk tweeted an ancient Chinese poem about two brothers fighting out of jealousy. The tweet referenced the “Quatrain of Seven Steps” by Cao Zhi, a poet from the 192-232 CE period. As the king of the new dynasty, the poem has a symbolic meaning for the upcoming era of cryptocurrency, and it is a source of inspiration for millions of users.
Crypto-Based Currency
In a tweet published by Investor Place, Musk supports Dogecoin; a cryptocurrency named Dogecoin. But the tweet does not mention what Shiba Inu is, but it is a crypto-based currency. As a result, the Shiba Inu Price Wars could positively impact both the prices of the two coins.
Posts Cryptic Tweets
Memecoin has been a victim of the Memecoin Price Wars. As the TSLA CEO has been a crypto enthusiast, Musk often posts cryptic tweets about Dogecoin. Its illustrious founder, Elon Musk, a fan of the cryptocurrency, has been a catalyst for the Memecoin price war. A recent tweet from Elon Musk, a picture of a Shiba Inu puppy on his Tesla, caused a 91% rise. As a result, many other altcoins saw enormous percentage gains based on pure speculation.
The Tesla, Inc., (TSLA) CEO is a cryptocurrency enthusiast. His cryptic tweets about cryptocurrency have often been a catalyst for meme coin prices. A recent tweet by Musk containing a picture of a Shiba Inu puppy on his Tesla rocket triggered a nine-percent boost in Shiba Inu’s price. As a result, many other crypto coins posted huge percentage gains based on speculation.
Conclusion:
The Memecoin price wars are heating up, as both coins are supported by Tesla. The Shiba Inu has over 40 billion dollars in market capitalization, making it a top contender in the Memecoin space race. As a result, it has gained a competitive advantage over other cryptos. This is a significant boon for both companies, as both cryptocurrencies are growing in popularity today world pro.
