Tech tycoon Elon Musk’s recent post on X has pushed the price of the meme token Marvin Inu (MARVIN) up by over 170%.
Musk’s influence on the market was once again on display today after posting on X to wish his puppy named Marvin a happy birthday. Following the birthday wish, a meme token named Marvin Inu (MARVIN) went parabolic in terms of price.
Today is also Marvin’s birthday 🎂 pic.twitter.com/HWkb8RNvi8
— Elon Musk (@elonmusk) November 1, 2023
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Marvin Inu (MARVIN) Surges Over 170%
Marvin Inu is a new meme coin launched in June 2023. It is inspired by Musk’s pet dog, Marvin, and its goal is to become the “go-to” cryptocurrency for dog lovers around the world. The coin is currently ranked 2,373rd on CoinMarketCap, with a market capitalization of just over $1.5 million.
Despite its low market capitalization, Marvin Inu has seen a significant increase in trading volume in recent days, following Musk’s X post. The coin’s trading volume has surged by over 74,000% in the past 24 hours, reaching $551,631.
Crypto Community Eagerly Responds to Musk’s Tweet
The cute-looking picture of Marvin in the post has sent the crypto community into a frenzy, with many people eager to wish the dog a happy birthday. Some users even speculated about whether Musk’s post was a subtle way of endorsing Marvin Inu, given his history of supporting Dogecoin (DOGE) and other meme coins.
One user on the X app, DogeDesigner, even wrote “Happy Birthday Doge!”, hinting at Musk’s favorite cryptocurrency, Dogecoin. Musk frequently endorses Dogecoin in his X posts, and in the past, one of his Dogecoin tweets has been enough to cause a massive jump in the price of the meme token.
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Musk frequently endorses Dogecoin in his X posts, and in the past, one of his Dogecoin tweets has been enough to cause a massive jump in the price of the meme token. In May 2021, for example, a single tweet from Musk about Dogecoin caused the price of the cryptocurrency to rise by over 100%.
It is unclear whether Musk’s X post was intended to be a pump-and-dump scheme, or whether he simply wanted to celebrate his dog’s birthday in a unique way. However, the post has certainly had the desired effect of increasing awareness of Marvin Inu and its community.
It remains to be seen whether Marvin Inu’s price increase will be sustainable in the long term. However, Musk’s tweet has certainly brought attention to the meme coin and its community.
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