Elon Musk Effect Does It Again? Dogecoin, Shiba Inu, Floki Spike After X Owner Calls Platform A 'Doge Friendly Place'

In the midst of a sluggish week for meme coins, Dogecoin DOGE/USD, Shiba Inu SHIB/USD, and Floki FLOKI/USD on Thursday witnessed an uptick of over 2%. 

What Happened: This rise countered the downward trend experienced by meme coins in the past seven days. DOGE experienced a decline of 6%, while SHIB saw a drop of over 10%, and FLOKI faced a decrease of more than 13%.

However, the price saw a brief jump in the past 24 hours after Elon Musk tweeted on Wednesday that X (formerly Twitter) is a  “dog & Doge friendly place!” This response was prompted by a message from his mother, Maye Musk. Musk’s ambitious vision for X involves transforming the platform into a multifaceted service, incorporating various features, including payment capabilities.

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Why It Matters:  Musk’s tweet added to the already buzzworthy relationship between the entrepreneur and Dogecoin. Often referring to himself as the “Dogefather” and the “Dogecoin CEO,” Musk’s actions and statements have significantly raised the profile of the meme coin within both pop culture and the financial world. 

In a move back in April, Musk surprised many by temporarily changing Twitter’s name to X and replacing its iconic blue bird logo with the image of the Dogecoin Shiba Inu dog. During that period, this action caused DOGE to surge by over 20%.

Price Action: At the time of writing, DOGE was trading at $0.0639, up 1.99% in the last 24 hours, according to Benzinga Pro.

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