Since Twitter CEO Elon Musk published a picture of his dog Floki as the new CEO of the social media company, DOGE prices have climbed 5.4% over the past 24 hours, according to data from CoinDesk. The tweet stated, “The new CEO of Twitter is great.”
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
On October 27, Musk was appointed CEO of Twitter in place of Parag Agarwal, who had previously held the position. The two were close when they initially met, but as Musk became Twitter’s top shareholder, their friendship is said to have eroded over time. Musk does not follow Agrawal back on Twitter, even though the former CEO continues to do so. Musk reportedly began looking for a new Twitter CEO in December after losing an online poll on the matter. “As soon as I find someone naive enough to accept the position of CEO, I will step down! I will then only be in charge of the software and servers teams, he stated.
According to CoinGecko data, the value of Floki, which takes its name from Elon Musk’s dog, has climbed by 41% during the last day. The price of Floki soared by around 100% in January after the Floki Inu DAO, the company that produced the coin, approved a governance resolution to carry out a $100 million token burn. Burning tokens makes sense since it reduces the supply, which, assuming demand stays the same, improves the value of each token. In the world of cryptocurrencies, this is comparable to a stock buy-back. This is not the first time DOGE has increased in response to a tweet from Elon Musk.
Following a Financial Times article that Twitter is working on a system to accept cryptocurrency payments, the price of memecoin soared in late January. Disproportionate increases in DOGE, DShiba Inu (SHIB), and other memecoins have traditionally been the earliest indication of a market selloff, according to a report published in December 2022 by blockchain analytics startup Santiment. Markets have started to recover over the past three months after falling to the bottom of the crypto winter brought on by FTX. Bitcoin has completely made up for the loss caused by the FTX, according to CoinDesk. Although several of these coins have seen gains of double- or triple-digit percentages, the market rebound has also signaled the start of an altcoin season.
Bitcoin has grown by 34% over the last three months, compared to increases of 40% for SHIB, 533% for BONK, and 242% for Floki. Even though the other canine coins are screaming at the moon (including today’s surge), the fact that DOGE is down 2% throughout this time indicates that assuming Santiment’s idea is accurate, we have not yet reached the point of a market-wide sell-off.
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