The world of crypto trading can be downright strange at times, thanks largely to unusual characters like Elon Musk. It’s already been big news around the world that the billionaire CEO of Twitter and Tesla backs DOGE Coin, pushing the crypto into the spotlight. Now, on every occasion that Musk even mentions the crypto, the market goes into a frenzy.
However, the latest instance of Musk pushing DOGE Coin has been nothing short of bizarre. The quirky billionaire posted an image of a shirt wearing Shiba Inu dog, his pet Floki, sitting at a desk. The image was accompanied by the declaration that the new CEO of Twitter is amazing.
At first glance, many assumed Musk was simply making a bizarre joke. Investors, however, saw the image as yet another sign that it was time to invest. The price of the crypto immediately surged by around 5.39%, putting it at $0.089 at the time of writing.
Though it wasn’t just DOGE Coin that enjoyed a boost. Other altcoins, namely those that have some relation to a Shiba Inu dog, enjoyed gains of their own. The lesser-known Floki also saw major gains, soaring by as much as 41%. The Floki crypto is, of course, named after Musk’s pet Shiba Inu dog, the same in the photo.
Shiba Inu (SHIB) jumped as well, dramatically climbing right at a time when many were predicting its collapse.
But with a single picture of a dog causing such a buying frenzy, is there any actual meaning behind Musk’s shenanigans? Or is he simply playing the fool and causing market storms without much reason?
After Musk purchased Twitter in a record-breaking deal, then CEO Parag Agrawal was quickly escorted out. Historically Musk and Agrawal didn’t get on particularly well, so it isn’t much of a surprise that Agrawal was given the boot. So, the picture of the dog acting as the CEO seems to be a reference to the current situation at Twitter. Which is to say, Musk is on the lookout for a new CEO, though presently doesn’t seem to have many prospects.
In that regard, the photo might just be passed off as a joke. At least, it could be passed off as a joke were it not for developments in January. A report from the Financial Times suggested that Twitter is on the verge of adopting crypto payments, which assumedly would include DOGE Coin. Or perhaps might even be centred on DOGE Coin, given Musk’s personal preference.
If Twitter did indeed adopt DOGE Coin as a native currency it would be big news. But there is no confirmation of this, and a photo of a dog certainly shouldn’t be seen as a clear sign. In fact, if looking at the bigger picture. DOGE Coin is actually down overall from its previous peaks.
Analytics firm Santiment has also cautioned investors, declaring that unpredictable gains in the crypto market are generally not reliable. So, Musk might just be having fun after all.