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DOGE And SHIB See Price Surge As Elon Musk Unveils New Twitter CEO

After acquiring the microblogging platform, Elon Musk has been looking for a new chief executive officer for Twitter. However, the billionaire jokingly announced a Shiba Inu dog as the new CEO, which caused an increase in the prices of the three meme coins.

A Musk-Inspired Price Rise

At the time of writing, all three meme digital tokens saw a significant price spike, with Dogecoin up 2.1%, followed by Shiba Inu at 3.5% and FLOKI at 40.9%. The Tesla owner shared an image of a Shiba Inu dog behind a desk wearing a branded cloth with the inscription “CEO.”

As expected, the tweet generated massive excitement among the fans of the three meme coins. Musk followed up with another post by indicating that the Shiba Inu dog is much better than the other guy.

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The Dogecoin co-founder, Billy Markus, responded that the dog is the only one crazy enough to become the new CEO. The billionaire added more tweets showing the Shiba Inu dog working with apparel balance sheets and other images depicting the dog dressed in a Steve Jobs-like outfit.

Meanwhile, the broader question about the incoming CEO of Twitter is whether Musk would hire someone who will favor the meme coins in Twitter’s business policy. It is worth noting that Musk is currently in the middle of the mainstream media pressure over his actions and stance on free speech, given his recent activities.

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Last December, Musk is reported to have said that he is stepping down as the CEO of Twitter should he find a capable hand to keep the firm “alive.” As of then, the billionaire claimed that Twitter was mismanaged and was heading towards bankruptcy before his acquisition and that the new CEO would be faced with a challenging task.

However, despite the drop in advertising revenue for Twitter, Musk claimed that the firm is no longer in the red as it is moving on the right track.

An Instant Impact On Meme Coins’ Prices

As the Dogecoin and Shiba Inu community members yearn for the appointment of a new CEO with a bias towards the tokens, observers believe this may be outside the selection criteria for the job.

What makes the latest incident impressive is that Musk’s latest tweets positively impacted Dogecoin alone and the price of Shiba Inu and FLOKI. As for the price spike for SHIB, this might be because the token’s lead developer, Shytoshi Kusama, is reported to have responded to Musk’s tweets with a smiling emoji.

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Using “Floki” as the name of the dog-themed CEO of Twitter may have triggered a price rally for the asset. This development is new as it is the first time the prices of all three meme coins would spike in a single day.


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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