Dogecoin jumps after Elon Musk replaces Twitter bird with Shiba Inu
On June 25, 2021, Dogecoin, a cryptocurrency that started as a joke, saw a surge in value after Elon Musk, the CEO of Tesla and a prominent supporter of Dogecoin, made a tweet that included a Shiba Inu, the dog breed that inspired the Dogecoin logo.
Musk replaced his Twitter profile picture, which featured a bird, with a picture of a Shiba Inu. This caused speculation that Musk may be signaling his continued support for Dogecoin, which has gained popularity due to his tweets and endorsements.
The value of Dogecoin jumped following Musk's tweet, increasing by over 10% within hours. Musk has been a vocal supporter of Dogecoin, tweeting about it frequently and even calling himself the "Dogefather." However, he has also acknowledged the risks associated with cryptocurrency investing and has advised caution.
The volatility of cryptocurrencies, including Dogecoin, remains a concern for investors. While Musk's tweets and actions can have an impact on the value of Dogecoin in the short term, the long-term sustainability and stability of the cryptocurrency remain uncertain.
