Following a recent tweet from Elon Musk featuring a birthday picture of his dog, Marvin, the memecoin Marvin Inu witnessed an explosive price increase of more than 94%.
Although Marvin Inu price later settled at roughly 100% higher than its previous day’s value, this incident exemplifies Musk’s significant influence on the cryptocurrency market.
Marvin Inu Sees Meteoric Rise and Market Impact After Elon Musk’s Tweet
Amid the cryptocurrency market’s fluctuations, Marvin Inu saw an impressive surge of 94% following a celebratory tweet from Elon Musk. This push elevated Marvin Inu’s value to $0.0000014, closely trailing behind SHIB, the second largest meme coin currently trading at $0.00000768.
Ranked 2,375th on CoinMarketCap, Marvin Inu experienced a staggering 74,046.81% increase in trading volume over the past 24 hours, hitting $525,374. Such substantial growth places Marvin Inu in the spotlight within the crypto space.
Elon Musk’s tweets have previously catalyzed significant movements in various meme and AI-based coins, including the exceptional 12,056% surge seen in Milady Meme Coin (LADYS) earlier this year. The positive response to Musk’s tweet celebrating Marvin Inu’s ‘birthday’ incited excitement within the crypto community.
Moreover, this heightened attention and remarkable growth might lead to Marvin Inu’s listing on major crypto exchanges, akin to the trajectory experienced by LADYS after its exposure through Musk’s tweets. Crypto enthusiasts eagerly anticipate the potential advancements for Marvin Inu within the crypto exchange landscape.
Historical Impact of Musk’s Tweets on Cryptocurrencies
Elon Musk’s tweets have previously demonstrated their power to impact various cryptocurrencies. Notably, when he playfully dressed his pet dog Floki as the CEO of X (Twitter) earlier this year, Floki Inu (FLOKI) experienced a 40% surge in its price.
In 2021, a cryptic tweet, “Baby Doge, doo, doo,” resulted in price of Baby Doge Coin surging by nearly 90%.
Investment Risks Associated with Memecoins
While memecoins can provide rapid and substantial price surges, they also come with significant investment risks. The so-called “Elon Musk Effect” highlights how the world’s wealthiest individual can swiftly influence the cryptocurrency market.
However, it also underscores the speculative nature and volatility of these digital assets.
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