Dogecoin Maintained its Value in a Sea of Red Following Musk’s Tweet ; Baby Floki Surged 100%
After Musk’s tweet, the value of dogecoin remained stable despite a sea of red, but baby floati’s price soared by 100 percent.
Elon Musk’s newest “doge” remark on Twitter, Tesla, and SpaceX did not go over well with the cryptocurrency that supports the Shiba Inu dog meme-inspired Dogecoin crypto payments blockchain. Musk tweeted on Wednesday, “High time I acknowledged I let the Doge out,” and then in a subsequent tweet, he dared Twitter’s Community Notes to fact-check him.
High time I confessed I let the Doge out pic.twitter.com/TAi4p1khAd
— Elon Musk (@elonmusk) February 22, 2023
Dogecoin’s price rose briefly in response to the tweet, from about $0.083 to over $0.088 in a matter of minutes, but has since given up most of those gains as Dogecoin falls under pressure alongside the rest of the cryptocurrency market. Cryptocurrencies like Bitcoin and Ethereum have been under pressure this week as US stock prices have fallen. Bitcoin (BTC) is on track for three consecutive negative closes as it eases back below $24,000.
Dogecoin’s brief surge in value after Musk’s tweet shows, however, that he can still manipulate the DOGE price whenever he pleases. Since Musk’s takeover of Twitter last year, many have speculated that Dogecoin may be included into a future Twitter payments system. His support for Dogecoin dates back to at least 2021. Twitter has stated that it would prefer cryptocurrency to be an option on any future in-app payments platform.
Dogecoin Might Be Due for an Explosion
Short-term, the DOGE/USD pair has developed a pennant structure this year, suggesting a breakout from current ranges is imminent. If the pennant pattern were to be broken, it would likely lead to a rapid retracement to the lows of February and a probable test of the 200-day moving average (DMA) below $0.08. On the other hand, a run back to earlier monthly highs around $0.10 may be possible if the pennant structure is broken.
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Baby Floki Soars After Musk’s Tweet
Shiba Inu (SHIB), a competitor to Dogecoin, did not react the same way to Musk’s post. Despite this, SHIB has risen an astonishing near 5% from yesterday’s lows. There wasn’t much interest in Floki Inu (FLOKI), a parody cryptocurrency launched in 2021 in honor of Elon Musk’s Shiba Inu pet dog.
Yet, there was a massive bump for the new meme currency based on a Shiba Inu dog. As a result of Musk’s tweet, the value of Baby Floki, a fork of Baby Doge, which is itself a fork of Dogecoin, jumped 250% on Thursday, from around $0.0000000010 (that’s right, nine zeros!) to as high as $0.0000000025.
The current price of Baby Floki is 0.0000000135, giving the company a market capitalization of around $1.5 million. As compared to where it was at the end of 2022 (about $0.000000000154), that’s an increase of around 10x (yep, ten zeros). Despite recent gains, the price of a Baby Floki token is still well below its launching-year 2021 highs at $0.000000012.
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