Yes To Dogecoin, No To Shiba Inu: How Fans On Reddit Are Reacting To This Elon Musk Revelation

On Sunday, Tesla Inc TSLA CEO Elon Musk responded to a Benzinga report and said “lots of” the automakers workers own Dogecoin DOGE/USD — while also revealing he does not own any Shiba Inu SHIB/USD. The revelation sparked lively discussions on Reddit communities of both meme coins.

What Happened: User r/BboyEMC on r/dogecoin noted that Musk’s words had sounded the bugle of war.

On the Dogecoin side, u/Sameerakk noted that the “Dogefather” had spoken.

On r/Dogecoin poster u/Yellowmelw took a dig at SHIB holders, through a meme featuring popular Netflix Inc NFLX series “Squid Game.”

Some people on both the forums pleaded for better discourse with the user "Independent_Brick_60" saying acrimonious posts on r/Dogecoin forum were against the whole "do only good everyday" ethos of the group.

A poster "mooncicada" said they were "worried about the toxicity today" and pointed out that Musk was not "some kind of figurehead to fight."

User "Iceangel" urged "Please stop with the hate" on r/Dogecoin.

"Love all, share positivity and practice the golden rule. Own Doge, BTC, Shiba, ETH, etc. Who cares. Cheer on everyones good fortunes and be there for your community during the bad. PLEASE."

Why It Matters: Both DOGE and SHIB were soaring at press time. DOGE traded 9.19% higher at $0.27 over 24 hours, while SHIB was up 12.8% at $$0.00003949 in the same period.

SHIB seems to have overcome the “setback” caused by Musk’s tweet. The token surged over the weekend, hitting an all-time high of $0.00004442 on Sunday. It is trading 11.09% below that level at press time.

The gains of both coins have been impressive in 2021. SHIB has shot up 547.56% in the last 90 days. DOGE has risen 4686.35% so far this year.

Of late, SHIB has been propelled by announcements surrounding non fungible tokens and buzz surrounding listing on Robinhood Markets Inc HOOD.

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