Shiba Inu (or SHIB) and Dogecoin are the two largest “meme coins” on the crypto market. They are both on the rise today. Shiba Inu (or SHIB) was up 28.2% over the last 24 hours, while Dogecoin rose by 13%. This move comes after Elon Musk , CEO of Tesla SpaceX, made comments today at the Qatar Economic Forum in Doha. He reiterated his support for DOGE.
Dogecoin’s price, which is listed under DOGE, was $0.06751. It is the 10th largest cryptocurrency with an $8.9 billion market cap. It was at the 11th spot last week.
Shiba Inu traded at $0.00001048. ERC-20 token, a cryptocurrency that runs on Ethereum, is a competitor to Dogecoin and the 14th largest digital asset in terms of market capital at $5.7 billion.
Although cryptocurrencies don’t have much utility, they are extremely volatile. Musk is a frequent tweeter and commentator who likes to pump Dogecoin. This may explain today’s price action. In an interview with Bloomberg, Musk reiterated his support for DOGE today.
He stated, “I will personally support Dogecoin because I know a lot people who aren’t that wealthy and have encouraged me to support Dogecoin–so this is my response to them.”
Musk also stated that his employees asked him to support cryptocurrency. Musk stated, “They have asked me to support Dogecoin so I’m doing it.”
Dogecoin was initially created in 2013 as a joke. The creators of Dogecoin thought that the world of cryptocurrency and cryptocurrency were too serious, so they created an asset based upon a dog meme.
It was unknown to the public, but Elon Musk, the world’s wealthiest man and well-known for his bizarre tweets, started sharing memes about it on social media in 2020. It gained a following and saw its value soar.
Musk has stated since that Dogecoin could be a Bitcoin competitor and used for payments–and developers are currently working to make that a reality.
SHIB was launched in 2021 as an experiment in decentralized spontaneous community-building. It is an Ethereum-based token and is also based upon the Shiba Inu meme. The token, like DOGE has been highly speculative and has brought large returns to its early investors.
