Marvin Inu (MARVIN) saw a massive increase of more than 400% in its value after Elon Musk’s recent post with the letter ‘X’.
Elon Musk’s recent tweet featuring his dog Marvin celebrating its birthday had a remarkable effect on Marvin Inu Coin. The coin’s price soared by more than 400% initially, settling later at a 100% increase from its value the day before.
Musk has a history of influencing the cryptocurrency market with his tweets. When he playfully dressed up his pet Floki as the CEO of “X,” it led to a 40% surge in Floki Inu coin. Furthermore, a tweet about ‘Baby Doge’ caused the price of that coin to jump by nearly 90%.
However, it’s important to be aware of the risks associated with memecoins. While they can offer rapid price increases, they also come with significant investment risks that potential investors should carefully consider.
The richest person globally and the owner of Twitter, Elon Musk, wields significant influence in the cryptocurrency world. A recent example of this is his latest social media post and its impact on a relatively unknown memecoin.
In this instance, Musk posted a picture of his dog in front of a birthday cake with candles and mentioned that it was his dog Marvin’s birthday.
https://twitter.com/elonmusk/status/1719516677379891224?ref_src=twsrc%5Etfw
Following this social media post, the price of the memecoin called Marvin Inu surged by more than 400%, according to CoinGecko. Although the price came down significantly in the hours that followed, Marvin Inu is still around 100% higher than its value from the previous day.
Elon Musk’s Ongoing Influence on Cryptos
Elon Musk’s tweets have had a significant impact on various cryptocurrencies over the years. For instance, earlier this year, he playfully made his pet dog Floki the “CEO of X,” and this led to a 40% increase in the value of Floki Inu (FLOKI) shortly after.
In 2021, Musk posted a mysterious message, “Baby Doge, doo, doo,” and within minutes, the price of Baby Doge Coin surged by nearly 90%.
It’s important to remember that memecoins can be an intriguing choice for investors because they can rapidly increase in value. However, they also come with certain risks that investors should be aware of.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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