Dogecoin (DOGE) Rallies 8% After Elon Musk Call Its People’s Crypto

While the broader cryptocurrency market has entered strong consolidation, mem crypto Dogecoin made a strong move after Elon Musk called its people’s cryptocurrency. In his recent Tweet response, Musk explained his reason to support DOGE after calling it people’s crypto. Musk said:

Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.

Earlier this year in May 2021, Elon Musk also declared that it will accept payments in Dogecoin for its upcoming space missions. As per the recent survey by Finder, the United States has doubled the adoption rate of DOGE in comparison to the rest of the world. The report notes that one-third of crypto investors in the U.S. are invested in Dogecoin superseding even Bitcoin (BTC) and Ethereum (ETH).

Elon Musk has been an ardent supporter of Dogecoin (DOGE) and has shown major interest in supporting the Dogecoin ecosystem. While Dogecoin has been consolidating over the last few weeks, Shiba Inu (SHIB) has taken the lead.

Shiba Inu eyes A Spot In Top Ten Crypto List

Over the last month, Shiba Inu (SHIB) has skyrocketed over 500% while hitting an all-time high of $0.000042 on Sunday, October 24. As of press time, it is trading close to its ATH levels.

One of the Twitters users asked Elon Musk whether if he holds SHIB to which musk denied saying he holds only Dogecoin among meme cryptocurrencies. As per on-chain data provider Santiment, the crowd sentiment is currently negative for Shiba Inu, however, the meme cryptocurrency has always rallied whenever the euphoria cools off.

📈 #ShibaInu is +26% in the past 24 hours while the rest of the #crypto markets are mostly flat. The young, rising asset continues pumping eerily in tandem with moments of crowd negativity and doubtful commentary. Watch how sentiment impacts $SHIB. https://t.co/pHILpF9DFG pic.twitter.com/2hEIPXjRAp

— Santiment (@santimentfeed) October 24, 2021

Meme cryptocurrencies including DOGE and SHIB have rallied significantly this year giving multifold returns to investors. It will be interesting to see if SHIB joins DOGE in the top ten crypto-list going ahead.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.