According to CryptoPotato, a recent tweet by Elon Musk featuring a picture of his dog Marvin celebrating its birthday led to a significant increase in the price of the memecoin Marvin Inu. Following the tweet, the price of Marvin Inu soared by over 400%, although it later settled at around 100% higher than its previous value.
This is not the first time Musk's tweets have impacted cryptocurrencies. Earlier instances include a tweet about his pet Floki dressed as CEO of X, which resulted in a 40% surge in Floki Inu, and a tweet mentioning 'Baby Doge' that caused the coin's price to jump nearly 90%. While memecoins can offer rapid price surges, they also come with significant investment risks.