Joel FrankDogecoin (DOGE), the cryptocurrency that powers the Shiba Inu dog meme-inspired Dogecoin crypto payments blockchain, was unenthused by Twitter, Tesla and SpaceX CEO Elon Musk’s latest “doge” reference. In a tweet on Wednesday, Musk joked that it is “High time I confessed I let the Doge out”, before challenging Twitter’s Community Notes to fact-check him in a follow-up tweet.
High time I confessed I let the Doge out pic.twitter.com/TAi4p1khAd
— Elon Musk (@elonmusk) February 22, 2023
Dogecoin saw a momentary spike in reaction to the tweet, rallying from around $0.083 to over $0.088 almost instantly, but the majority of these gains have since been handed back as Dogecoin comes under pressure in tandem with the broader cryptocurrency market. The likes of Bitcoin and Ethereum have been struggling this week amid a drop in US stock prices, with BTC now eyeing three consecutive negative closes as it eases back below $24,000.
However, Dogecoin’s momentary excitement after the tweet is a testament to the fact that Musk still holds the ability to impact the DOGE price whenever he wants. Musk has advocated for Dogecoin going back to 2021 and, since his takeover of Twitter last year, many have been speculating that Dogecoin might be integrated into a future Twitter payments system. Twitter has said that any future in-app payments platform would like to include crypto as an option.
Dogecoin Could Be Due a Breakout
In terms of DOGE/USD’s short-term price prospects, a breakout from current ranges is looking likely, with the pair having formed a pennant structure this year. A break below the pennant structure would open the door to a swift drop back to February lows and a possible test of the 200DMA under $0.08. Meanwhile, a break above the pennant structure could open the door to a run back to earlier monthly highs in the $0.10 area.
Baby Floki Pumps After Musk’s Tweet
Musk’s tweet did not have the same impact on Dogecoin competitor Shiba Inu (SHIB), though SHIB has rallied an impressive near-5% since yesterday’s lows, though the timing of the move suggests it was unrelated to Elon Musk’s tweet. Likewise, Floki Inu (FLOKI), another meme cryptocurrency that was created in 2021 in honor of Elon Musk’s Shiba Inu pet dog Floki, didn’t see much of a reaction.
However, one new kid in the Shiba Inu dog-inspired meme crypto block did see a pump and a hugely impressive pump at that. Baby Floki, a rip off of Baby Doge, which is itself a rip off of Dogecoin, rallied from under $0.0000000010 (that’s right, nine zeros!) to as high as $0.0000000025 on Thursday, a 250% move that appears to have been directly sparked by Musk’s tweet.
Baby Floki currently has a market cap of around $1.5 million, given its current price of $0.00000000136. That’s up around 10x from where it ended 2022 at around $0.000000000154 (yep, ten zeros). Baby Floki Remains some way below its record highs in the $0.000000012 area, hit back in 2021 shortly after the token was launched.
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This article was written for Business 2 Community by Joel Frank.
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