Elon Musk and Dogecoin (DOGE-USD)
Elon Musk, renowned CEO of Tesla (TSLA) and SpaceX, has continually managed to impact both the underlying consumer Mentions and price of the meme/cryptocurrency DogeCoin (DOGE-USD). Musk’s influence over the coin was on full display last weekend, when he caused the first negative swing in DOGE’s price after making several jokes about it during his Saturday Night Live guest appearance. Despite the price correction, Mentions from retail investors talking about buying DOGE have continued to rise, currently trending towards a new All-Time High level on a 7-day moving average.
The long-term fate of Dogecoin remains to be seen, but the mere fact that it's being discussed on 'SNL' serves as further validation for its cultural significance.
And speaking of dog-inspired meme-coins...
What is SHIBA INU Token (SHIB-USD)?
A transparent Dogecoin rip-off has appeared on the market…And, it’s surging up the crypto leaderboard. SHIBA INU Token (SHIB-USD) is yet another meme/crypto hybrid that has seen gains of more than +1500% in the past week and +105% in the past 24 hours. ‘Shiba Inu’ is a direct reference to the Doge meme itself, and so far, this derivative branding has proved to be a powerful asset with respect to investor adoption. Consumer Mentions of investing in SHIB have rocketed higher alongside the price, up more than +524% in the past week (7-day moving average).
Despite the influx of investor hype and the preposterous market cap ($11B and growing), we can’t recommend going near this token in good continence -- Still, we'll be eagerly watching from the sidelines.