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It is a well-known fact that Elon Musk’s tweets about Dogecoin (DOGE) have a significant impact on the cryptocurrency market. However, this influence extends beyond DOGE and also affects similar tokens like Shiba Inu (SHIB) and Floki. Can Musk’s recent post initiate a notable change in the value of these tokens?
Musk and Dogecoin
In a recent social media update, Elon Musk, the former Twitter executive, mentioned that X is a DOGE-friendly place in response to another user’s tweet. Considering Musk’s history of communicating about DOGE, it is difficult to determine whether this is a veiled reference to the cryptocurrency or just a casual remark.
Musk’s significant influence on DOGE has led some DOGE holders to initiate legal actions, claiming that he excessively controls and manipulates the token’s price. Additionally, similar dog-themed tokens like Shiba Inu and Floki often experience the impact of DOGE’s market movements. Is it the same case this time?
Dogecoin, Shiba Inu, and Floki Analysis
When examining the daily timeframe charts of Dogecoin, Shiba Inu, and Floki on August 23, a common tendency of gaining value at the closing of trades is observed. However, considering that most cryptocurrencies ended the day with gains, attributing this solely to the “Musk effect” seems illogical.
Specifically, Dogecoin showed an increase of over 1.6% at the end of the day. However, the current scenario indicates a decline of approximately 1%, with the token’s value hovering around $0.06. Notably, the Relative Strength Index (RSI) dropped significantly below the neutral threshold of 50, reaching below 40.
As for SHIB, it showed a more significant increase on the same day, with a growth of over 4% in its value. However, it had experienced a decline of approximately 1% at the time of writing. Unlike DOGE, SHIB’s RSI also positioned below the neutral line, indicating a dominant downward trend. Although Floki experienced an increase of over 2% on August 23, its current situation reflects losses. Additionally, the RSI value remained below 35, emphasizing a strong downward trend.
DOGE, SHIB, and FLOKI Volumes
Similarly, when examining the trading volumes of Dogecoin, Shiba Inu, and Floki, there was no significant increase in activity. According to the volume data found on Santiment, these tokens exhibited consistent volume patterns on August 23.
As of the time of writing, the trading volumes for DOGE, SHIB, and FLOKI were approximately $233 million, $169 million, and $9 million, respectively, in the declining market.
