Shiba Inu and Pepe, Rival to Dogecoin, Receive Massive Support from Tesla and Twitter CEO Elon Musk

• Elon Musk’s recent tweet continues to stoke the flames of his longstanding affinity for Dogecoin.
• While DOGE’s market shows ebbs and flows, enthusiasts like Glauber Contessoto remain optimistic about its ascendancy.

Few individuals have the power to shake the cryptocurrency world with a mere tweet, but Elon Musk certainly does. Citing a recent tweet from the Tesla and Twitter CEO, Musk posted on his Twitter [@elonmusk], “X is a dog & Doge friendly place!”

X is a dog & Doge friendly place!

— Elon Musk (@elonmusk) August 23, 2023

His enigmatic proclamation is the latest in a series of endorsements that have historically played a significant role in Dogecoin’s public perception. With titles like the “Dogefather” and “Dogecoin CEO” under his belt, Musk’s tweets have time and again influenced the meme coin’s trajectory. A prime illustration was when he replaced Twitter’s iconic blue bird with Dogecoin’s Shiba Inu logo, leading to a 30% surge in the cryptocurrency’s value. Interestingly, following this new tweet, DOGE experienced a nuanced growth, with a 0.9% increase over the course of a day.

Recent DOGE Market Performance

Endorsements aside, Dogecoin has faced its share of market turbulence. In just a month, the coin’s value plummeted by 16.8%, and saw an additional drop of 10.3% over the past week. From a promising high of $0.0817 in late July, its current rate stands at $0.0633, backed by a solid 24-hour trading volume of $370 million.

The Dogecoin Proponent: Glauber Contessoto’s Journey

Within the Dogecoin community, Glauber Contessoto, also known as “SlumDOGE Millionaire”, stands out. His audacious investment of $250,000 mushroomed to an impressive $3 million during DOGE’s peak. Unfazed by the cryptocurrency’s market volatility, Contessoto’s conviction remains unshaken. He’s confident that DOGE is poised to be integrated into Twitter’s financial framework soon. This speculation isn’t unfounded, especially with Musk’s hints pointing towards a deeper Dogecoin-Twitter connection, and the platform’s rumored inclination towards cryptocurrency transactions. While Dogecoin, as the ninth-largest cryptocurrency boasting a market cap of $9 billion, remains speculative in nature, for die-hard fans like Contessoto, the future shines brightly. “Doge will ascend to $1 in the upcoming bull run,” he declares with confidence.

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Shiba Inu: The Dark Horse in the Meme Coin Race?

While Dogecoin has enjoyed much of the limelight, it’s impossible to ignore its rival in the meme coin arena: Shiba Inu. Musk’s tweet, with its open-ended wording, could also be seen as a nod to Shiba Inu, which has been carving out its niche in the cryptocurrency domain. With Dogecoin’s future path oscillating between optimistic supporters and volatile market movements, could Shiba Inu leverage this moment to challenge Dogecoin’s meme coin throne? Only time, and perhaps a few more Musk tweets, will tell.

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