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.
(Reference image source: Souvik Banerjee, Unsplash)
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