Elon Musk, the CEO of Tesla, has once again stirred excitement among the Dogecoin community by featuring a Shiba Inu dog in the promotional material for Tesla’s newly unveiled product, the Robotaxi. This move, highlighted during a live presentation, has sparked conversations and enthusiasm within the Dogecoin community.
Elon Musk’s Robotaxi Debut Features Shiba Inu, DOGE Price Rallies 2%
During a recent “We, Robot” party for Tesla customers, Elon Musk showcased a prototype of the fully autonomous Robotaxi. Notably, a promotional screenshot revealed a Shiba Inu dog seated in the passenger seat of the vehicle. This visual element, shared across social platforms, resonated strongly with Dogecoin enthusiasts, given the meme coin’s origin as a Shiba Inu-themed cryptocurrency.
The Dogecoin community’s official X account tweeted a query to Elon Musk regarding the significance of featuring a Shiba Inu, playfully tagging it as “a Shiba Inu taxi.” This interaction could suggest future integrations, such as accepting Dogecoin as payment for Tesla services.
Courtesy: Dogecoin X post
More so, the news of this feature came alongside Musk’s presentation of over 50 Cybertruck Robotaxis, which he stated to have no steering wheels or pedals. This emphasizes Tesla’s push towards an automated transport system.
Dogecoin Leads Meme Coin Surge in Short-Term Trading Activity
In addition, the meme coin market has seen a flurry of activity, with Dogecoin leading the charge among short-term traders. According to data from on-chain analytics firm IntoTheBlock, Dogecoin has been the preferred choice for traders, drawing significantly higher trading volumes compared to its peers such as Shiba Inu and Pepe.
Short-term trader activity plays a significant role in memecoins, as these tokens are primarily driven by hype.$DOGE unsurprisingly leads the pack with the highest number of short-term traders.$DEGEN stands out with around 23,000 active short-term traders—matching Shiba… pic.twitter.com/PAtX1G2OrX
— IntoTheBlock (@intotheblock) October 11, 2024
In the last week alone, Dogecoin has attracted over 110,000 active traders, a testament to its enduring popularity and market presence. The increased trading activity coincides with Musk’s recent promotional efforts.
Elon Musk’s stand on cryptocurrencies has impacted various markets. In a recent development, his appearance at a Donald Trump rally sparked MAGA price rally.
The immediate market response to Elon Musk’s Robotaxi reveal and the associated Dogecoin tie-in was positive, with the DOGE price climbing by approximately 2%. This uptick reflects the broader crypto market’s sensitivity to tech innovations and celebrity endorsements.
At press time, Dogecoin (DOGE) price is $0.1086, marking a 1.81% increase over the last 24 hours. The cryptocurrency has shown a positive trend, rising from earlier lows around $0.1061 to current levels following the announcements.
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