It appears that Elon Musk’s love of Dogecoin isn’t going anywhere anytime soon. On Thursday, the Tesla CEO sent out a tweet featuring an image of a rocket soaring through space with the caption “Doge Barking at the Moon,” and it looks like his enthusiasm for DOGE has had an impact on other canine-themed cryptocurrencies as well.
In response to Musk’s tweet, both Shiba Inu (SHIB) and Akita Inu (AKITA) saw massive gains in their respective prices over the past 24 hours. SHIB is up nearly 100% since Wednesday night’s close while AKITA has seen even more impressive growth — its price rose by over 400%.
The surge in these two coins can be attributed to investors speculating that they will follow in Dogecoin’s footsteps and become popular among traders just as DOGE did when Elon Musk began tweeting about it earlier this year. While there are no guarantees that either coin will see similar success to what Dogecoin achieved, many people seem willing to take their chances given how quickly both SHIB and AKITA have risen following Musk’s latest endorsement of cryptocurrency technology via Twitter.
Of course, all investments come with risks so anyone interested in investing should do their own research before putting any money into crypto assets such as these canine-themed coins — regardless of who endorses them or not!
