Did Elon Musk’s latest move influence DOGE, SHIB, and FLOKI? 

• Elon Musk’s post has, in the past, affected DOGE, SHIB, and FLOKI
• However, despite the recent post, DOGE, SHIB, and FLOKI followed regular market trends.

Elon Musk’s posts related to Dogecoin [DOGE] are familiar territory, and typically, his remarks influence the trajectory of dog-themed cryptocurrencies. Yet, this influence doesn’t stop at DOGE; it also stretches to similar tokens, such as Shiba Inu [SHIB] and Floki.

Can his recent post about DOGE be credited with initiating any notable shifts in the value of these tokens?

Musk on Dogecoin

In a recent social media update, Elon Musk, the X, formerly Twitter head, mentioned that X was a DOGE-friendly place, responding to another user’s post. Given Musk’s history of DOGE-related communications, it’s challenging to ascertain whether this was a veiled reference to the DOGE cryptocurrency or simply a regular statement. 

Musk’s considerable influence on DOGE has led to legal actions by some DOGE holders who allege his undue control and manipulation of the token’s price. Additionally, similar dog-themed tokens like Shiba Inu and Floki typically experience the impact of DOGE’s market movements. Was that the case this time?

Analyzing the DogeCoin, Shiba Inu, and Floki price trend

Examining the daily timeframe charts of Dogecoin, Shiba Inu, and Floki on 23 August revealed a common trend of value appreciation at the close of trading. However, attributing this solely to the “Musk effect” seems implausible, given that most cryptocurrencies ended the day with gains. 

Specifically, Dogecoin rose over 1.6% by the day’s end. Nevertheless, the current scenario indicated a decrease of nearly 1%, with the token’s value hovering around $0.06. Notably, its Relative Strength Index (RSI) plummeted significantly below the neutral threshold of 50, standing at less than 40.

Source: TradingView

Turning to SHIB, it demonstrated a more substantial surge on the same day, marking a growth of over 4% in its value. As of this writing, however, it has experienced a decline of approximately 1%. Unlike DOGE, SHIB’s RSI was also positioned beneath the neutral line, indicating its prevailing downtrend.

Source: TradingView

FLOKI, too, enjoyed an increase exceeding 2% on 23 August, yet its current state reflected a loss. Also, its RSI underscored a solid bearish trend by residing below 35.

Source: TradingView

Did the DOGE, SHIB, and FLOKI volumes react?

Similarly, when examining the trading volume of Dogecoin, Shiba Inu, and Floki, it became evident that there were no notable spikes in activity. According to the volume data available on Santiment, these tokens exhibited consistent volume patterns on 23 August.

As of this writing, the trading volumes were approximately 233 million, 169 million, and 9 million for DOGE, SHIB, and FLOKI, respectively.

Source: TradingView