The high point in the Tesla CEOs relationship with dogecoin came when he hosted the US sketch comedy and variety show Saturday Night Live on. Watch: 'UK's depleted gold reserves could be replenished with 'digital assets' He tweeted: "Tesla will make some merch buyable with Doge and see how it goes.” The immediate effect of this was to see the price of the world’s premier memecoin jump by 20% in value. Musk added a major boost to the wider adoption of dogecoin on Tuesday 14 December when he announced that Tesla will now accept the memecoin as payment for the company’s merchandise on a test basis. Musk’s most recent promotion of dogecoin came in a Time magazine person of the year interview this month when he stated, “Dogecoin is better suited for transactions because its total transaction flow has a much higher potential than Bitcoin… and it encourages people to spend it rather than horde it as a store of value.” The price of shiba inu has piggybacked on the popularity of its older sibling. Musk quickly attained the moniker of 'The Dogefather' after his tweets about Dogecoin accumulated throughout the year. Read more: Elon Musk: Tesla founder's top tweets of 2021 that moved markets and cryptoĪt the beginning of January 2021, shiba inu's price lay stagnant until May 2021 when the price jumped by more than 300% after Elon Musk mentioned he was planning to get a Shiba Inu puppy.
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The increased media coverage that the coins achieved throughout the year catalysed the fear of missing out – FOMO – a motivation that has been the main driver behind the success of both coins. I am waiting for shiba inu to appear on Binance, which will fuel the coin to access new heights”. He added that “the demand for memecoins has not yet reached its peak, and at any moment these tokens will surprise us.
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Sergey Panchenko, Founder of Punch Pro Digital, told Yahoo Finance that the coin's growth was due to it having a very convenient price threshold for entering the market which many people can afford. They are presently tracking and quantifying a community on the blockchain and you can’t ignore the value of this.”Ī new survey from uk. found that 35% of investors who contributed in the poll plan to invest in shiba inu coins in the coming year. He added that “Shiba Inu as a cryptocurrency and a memecoin doesn't make sense, but what they get is community. Citing the market capitalisation of the world’s second-largest memecoin, Rose pointed out that shiba inu is a “community worth $20 billion(£15.2m)”. The former Wall Street veteran said both canine coins had understood and capitalised “community”. Read more: Philip Hammond: Big finance's move into crypto is unstoppable Recent data from BrokerChooser analysed the online search volume of all cryptocurrencies and found that shiba inu topped the list of most actively searched cryptocurrency throughout the year.Ī statement from BrokerChooser said: "Shiba inu coin had just 70 Google searches in September 2020, but its popularity has exploded in the last year, with 1.5 million people searching for ‘shiba inu coin’ in September 2021, an incredible increase of 2.1m%."įormer banker and CEO of London Real, Brian Rose, spoke to Yahoo Finance about the unlikely rise of dogecoin, which began life as a “joke” response to the reverential sentiment surrounding bitcoin, and the even greater price hike of its younger spin-off shiba inu. Mainstream media outlets were quick to capitalise on the growing interest to exploit the higher audience engagement for increased advertising revenues. The steep appreciation in the value of the world’s two major memecoins saw a marked shift in media attention from the blue-chip cryptocurrencies, such as ethereum and bitcoin, to the rivalry of dogecoin and shiba inu and their dubious use cases.īy August, Google searches for shiba inu and dogecoin had dwarfed searches for the more serious crypto offerings. Shiba inu ( SHIB) increased in value by 83,000,000% since this time last year, and dogecoin ( DOGE) rose by 9,567% since the beginning of the year.
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