Tesla CEO Elon Musk hinted that “shit” will bring in money in the early hours of Nov. 4, with Shiba Inu (SHIB) and Dogecoin (DOGE) up 8.3% and 3.09% respectively. Did.
Dogecoin creator Billy Markus tweeted that he didn’t think Twitter was easy to monetize, but Musk used an emoji to hint that shit brings money.
💩 —> 💰… 🤔
— Elon Musk (@elonmusk) November 4, 2022
Shitcoin surges
Both DOGE and SHIB spiked within hours of the tweet.
Musk sent a reply around 5:00 am UTC on November 4th. Musk’s tweet boosted DOGE by 3.09%, peaking at $0.1231.
At the time of writing, it was trading at $0.1222.
SHIB, on the other hand, recorded a higher spike. At the time of Musk’s tweet, it was trading at $0.00001190. In a matter of hours, SHIB reached $0.00001289, up 8.3%.
At the time of writing, it was trading at $0.00001266.
Relationship between Musk and Meme Coins
Elon Musk has supported Dogecoin almost since its launch. He has expressed his support for DOGE on numerous occasions and through tweets. As for why he supports DOGE, Musk says he favors less wealthy investors.
On one occasion he said:
“I personally plan to support Dogecoin because I know a lot of not-so-rich people who have encouraged me to buy and support Dogecoin. I have.”
In June, Musk announced on Twitter that he plans to integrate the cryptocurrency payment system. Although he did not mention his DOGE, the community concluded that if he implemented the system, he would use DOGE. This speculation caused DOGE to surge 18% of him as Musk was gearing up for his Twitter entry.
