Snoop Dogg has joined Tesla CEO Elon Musk and KISS bassist Gene Simmons in pumping the price of .
— Snoop Dogg (@SnoopDogg) February 6, 2021
Snoop tagged Musk in the tweet, which features the Shiba Inu ‘Doge’ meme (Dogecoin’s avatar) photoshopped onto the cover of Snoop’s album R&G (Rhythm and Gangsta): The Masterpiece.
Twelve hours later, Musk responded with a picture of himself as Rafiki from the Lion King, holding Gene Simmons, who's holding up Snoop, who in turn is holding up the Shiba Inu meme—the mascot of Dogecoin—in place of Simba on a clifftop.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
Did Snoop affect the price of DOGE?
Musk’s tweets certainly impact the price of crypto, and this week was no different. Simmons’s tweet, on the other hand, could have been responsible for a brief 4% drop in the price of the coin, but one should be wary of observing the correlation between the time of his tweet and the corresponding value of DOGE.
Snoop’s tweet is a different story to Simmons’s. It was published twenty minutes into a dip in which DOGE’s price dropped from $0.055 at 7:34 PM to bottom out at $0.052 just 50 minutes later. From there, it ascended to $0.064 by 1:14 AM. That marks a 22% increase in five hours.
And what about Musk’s reply?
Though there are legitimate concerns about crypto’s susceptibility to the whims (tweets) of public figures (mainly Elon), the Tesla CEO’s reply twelve hours after Snoop, incorporating both D O double G and Simmons didn’t affect the price of DOGE.
There were no 24-hour highs or lows to write home about. No reports of Binance being overloaded. Maybe, just maybe, Musk’s influence on the crypto markets could be waning. That would silence crypto critics who highlight the market’s volatility. That said, perhaps Snoop’s DOGE influence is the beginning of something new.
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