Dogecoin Is Up. Why? Because Elon Musk Just Put His Shiba Inu In the 'Twitter CEO chair'

Elon Musk tweeted a photo of Shiba Inu Dog sitting on his chair with the caption “New CEO of Twitter is amazing”

The volatile crypto market was triggered and Shiba Inu theme meme coins Floki Inu, Shiba Inu and Dogecoin prices jumped in the last 24 hrs as reported by Investing.Com.

Floki Inu was pumped by a dizzying 35.5% in 1 hour since Elon made the tweet.

Shiba saw an increase of nearly 5%.

Dogecoin

Dogecoin rose by 7% in the last 24 hrs as per data from Coingecko.

Elon Musk had previously sparked a rally in Dogecoin by 5% after he said that he was discussing Doge at the Superbowl on February 12.

Musk had expressed his love for Dogecoin in an interview for TIME magazine stating, “Fundamentally, Bitcoin is not a good substitute for transactional currency, and even though it was created as a silly joke, dogecoin is better suited for transactions.”

Elon Musk's Tweet

Elon Musk stated that he is in search of a CEO for Twitter and also poked fun at twitter’s former CEO by tweeting “So much better than that other guy!” in a follow-up tweet to the Canine CEO tweet.

Elon musk could be indicating that twitter’s new CEO must share his affinity for the meme coins or is just having fun.

The extent of volatility observed in the meme coins from a single tweet by Elon Musk reveals the sentimentality in cryptocurrency trading and cautions conservative investors of the volatility of investing in cryptocurrency.