Elon Musk appoints a “puppy” as Twitter CEO

The Tesla CEO published a photo of his pet that, as a joke, appointed him as the manager of the social network

Tesla CEO and cryptocurrency advocate Elon Musk once again caused a stir in the cryptocurrency world by naming his own “puppy” as CEO of Twitter in his bio on the social network.

The move led to a rise in the price of Dogecoin (DOGE) and Shiba Inu (SHIB), two cryptocurrencies that Musk has supported in the past.

DOGE, the meme-backed cryptocurrency, has seen a 10 % rise in value since Musk made the change to his Twitter bio. The coin has also seen an increase in trading volume, indicating increased interest in the cryptocurrency.

SHIB, a relatively new cryptocurrency that is also backed by memes, has experienced a 20 % increase in value in the last 24 hours. The rise comes after Musk tweeted a meme referencing cryptocurrency, leading to a spike in investor interest.

The increase in the prices of DOGE and SHIB generated an increase in media attention towards meme-backed cryptocurrencies. Meanwhile, and although many cryptocurrency experts have raised concerns about the lack of fundamental value behind these coins, the popularity of meme-backed cryptocurrencies seems to be on the rise.

K. Tovar

Source: Diariobitcoin

(Reference image source: Souvik Banerjee, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

Comments are closed.