Monday, April 22, 2024
HomeCryptocurrencyElon Musk's Recent Post On X Ignites Over 170% Rally For This...

Elon Musk’s Recent Post On X Ignites Over 170% Rally For This Crypto

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.

Whale Alert

Read Also: Elon Musk Joins Prime Minister At UK IA Summit, Ignites Speculation

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.

Elon Musk's Recent Post On X Sent This Meme Coin Soaring Over 170%. Here's why
Source: CoinMarketCap

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.

Read Also: Elon Musk Ignites XRP and SHIB Armies’ Curiosity with His Recent Post on X

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Adedoyin Aka
Adedoyin Aka
Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.
RELATED ARTICLES

Latest News & Articles