🔥💥Elon Musk's Tweet Sparked a Rise in Dogecoin, Shiba Inu Team Takes a Look at the Top 10
#Dogecoin (DOGE) has seen its price increase by over 4% following a recent tweet by Elon Musk referencing a scene from the 1979 film "Monty Python's Life of Brian".
In his post, Musk humorously portrayed the mainstream media as characters from the movie and tried to appear honest when reporting on Dogecoin's status among the top Decipherment cryptocurrencies by market capitalization. The recent approval of Dogecoin has led to a rapid, albeit temporary, increase in its price.
Dogecoin Market Reaction
The Dogecoin daily chart shows a volatile trading period of 24 hours, during which the price encountered resistance around $0.0165 and then fell to establish a support base around $0.0155. After a modest recovery, it failed to break the resistance again, which indicates that the market is strengthening. Despite the fluctuations, DOGE continues to be among the top Decrypto assets.
Although the fluctuation was short-term, it showed the impact of X CTO on the cryptocurrency markets. Musk has continued to be a key figure in Sunday performance since he catapulted Dogecoin into the limelight with multiple endorsements in 2021.
Memecoin peaked after appearing on the ”Saturday Night Live" program, but has since adjusted to a lower but still solid market position and has maintained its position as the eighth largest cryptocurrency with a market capitalization of $22.7 billion.
Shiba Inu Eyes Top 10
Meanwhile, Decie, content marketer of the Shiba Inu ecosystem, reacted to the post by pointing out the potential of Shiba Inu's trajectory similar to that of the top 10 cryptocurrencies by market capitalization.
For context, #SHIB boasts a market capitalization of $12.8 billion, as it was trading at $0.00002177 at the time of writing. Shiba Inu left Avalanche behind last month and entered the top 10 list for a short time after recording a big rise to $ 0.000045. However, at the last check, SHIB was 12th under Avalanche. is ranked.
