Ethereum Whales Buy Shiba, Musk Backs Dogecoin

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Last Updated on 24 June 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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A strange sight to behold this week was the fact that meme tokens Shiba Inu and Dogecoin were able to withstand the current negative market mood and surged a whopping 20 per cent in a day even. Although both of them are off about 90% from their peak, they refuse to budge and investors seem to have been making bargain hunting purchases for the tokens.

Whereas Shiba Inu seems to be picked up by Ethereum Whales, it is once again Tesla CEO Elon Musk who boosted Dogecoin. His company Tesla continues to accept Dogecoin for merchandise and SpaceX is likely to do the same. At an economic forum this week, Musk even reiterated his support for Dogecoin.

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Ethereum whales and Shiba

Memecoin Shiba Inu, one of the starts of the 2021 crypto rally, began to rise dramatically again earlier this week after stats showed that SHIB became the second most held asset by Ethereum whales, surpassing Tether, the biggest stablecoin.

Raj A Kapoor, Founder of the India Blockchain Alliance, commented in the Economic Times, the business segment of the most popular newspaper in India, that:

As these whales have started to increase their SHIB investments, others seem to be doing the same. SHIB is rising fast, but it is difficult to tell whether this rise will be a long-term trend or a short-term fluke.

Elon Musk and Dogecoin

Meanwhile Tesla CEO Elon Musk reacted for the very first time on the news that he’s being sued for having ‘pumped’ Dogecoin in 2021.

After a crypto analyst (“Altcoin Gordon”) challenged him to buy DOGE, Musk replied that he indeed is still doing so.

Furthermore, speaking at the Qatar Economic Forum on 21 June, Musk said in an interview with Bloomberg that: “I intend to personally support Dogecoin, because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I’m responding to those people.”