Elon Musk Helps Dogecoin ($DOGE) Price surge to Rival Shiba Inu ($SHIB) in market cap
Tesla and SpaceX CEO Elon Musk has seemingly restarted tweeting about the meme-inspired cryptocurrency Dogecoin (DOGE), which helped its price move up over 25% in the last 24-hour period, which helped its market capitalization surge to $39.1 billion.
Musk’s tweet about DOGE came as he was replying to one of the cryptocurrency’s co-creator, Billy Markus, who said on social media there are “no promises in crypto, except from scamemrs,” before adding that “people telling the truth will tell you that its just all about risk,” and that profits are made off of other people’s risks.
The CEO of Tesla replied in what appeared to be a reference to the popular cryptocurrency scams that target social media platforms promising users fake giveaways.
Elon Musk’s tweet seemingly reignited the DOGE rally, which exploded over 10,000% earlier this year while searches for the cryptocurrency on Google skyrocketed. Notably, this year the third most Googled cryptocurrency is now Shiba Inu (SHIB), a DOGE rival that was also created as a joke.
A study has shown Shiba Inu received 2.8 million searches on average per month so far this year, while bitcoin received 22 million average monthly searches. In second place came Ethereum, with 6.3 million average searches per month.
Shiba Inu’s market capitalization is, at the time of writing, $40.54 billion making it the ninth-largest cryptocurrency by market cap, behind Polakdot and XRP.
As CryptoGlobe reported Scott Minerd, the Chief Investment Officer of Guggenheim Partners, an asset management firm with more than $233 billion in total assets under management, has revealed he regrets not investing SHIB ahead of its massive rally.
Musk has earlier this week revealed he does not own any SHIB, but did invest in BTC, ETH, and DOGE.
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