- Elon Musk’s recent post about his pet dog Marvin resulted in a massive 94% increase in the price of the meme coin Marvin Inu.
- The crypto community responded positively to Musk’s tweet, celebrating alongside and highlighting the influence of Musk’s social media presence on the crypto market.
In the fast-paced world of cryptocurrencies, it is not uncommon to witness dramatic shifts in market values triggered by influential figures. One such instance occurred recently when tech magnate Elon Musk, owner of the famed X platform, took to social media to celebrate his pet dog Marvin’s birthday. This celebratory post resulted in an immediate and astonishing impact on the meme cryptocurrency named after his pet.
Marvin Inu Takes Center Stage
Following Musk’s social media post, Marvin Inu, one of the several meme coins inspired by Marvin, experienced a phenomenal surge in its market value. The cryptocurrency saw its price escalate by nearly 94%, reaching a notable $0.0000014 level. To provide context, this places Marvin Inu slightly below the market position of SHIB, one of the largest meme coins, currently trading at $0.00000768.
Marvin Inu now occupies the 2,375th position on the CoinMarketCap rankings. Over the course of the last 24 hours, its trading volume witnessed a meteoric rise of 74,046.81%, culminating in a total of $525,374.
Musk’s influence on the crypto market is well-documented, with past instances of meme and AI-based coins experiencing explosive growth following his mentions on social media. Earlier this year, Milady Meme Coin (LADYS) skyrocketed by 12,056% after catching Musk’s attention, eventually earning listings on major crypto exchanges including Crypto.com.
The Crypto Community’s Enthusiastic Response
The crypto community was quick to respond to Musk’s latest tweet, extending birthday wishes to Marvin and expressing their excitement. One user from X app, under the pseudonym DogeDesigner, even interwove a reference to Dogecoin, Musk’s well-known favorite cryptocurrency, stating:
“Happy Birthday Doge!”
This response underscores the community’s awareness of Musk’s influence and his history of endorsing DOGE through his social media posts, which in the past have led to substantial price surges for the original meme token.
In conclusion, Elon Musk’s social media influence continues to be a significant force within the cryptocurrency market, with his recent post celebrating his pet dog’s birthday serving as the latest example of this phenomenon, evidenced by the dramatic rise in Marvin Inu’s market value.