Shiba Inu (SHIB) and Dogecoin (DOGE) Move Opposite Ways Amid Twitter Lawsuit

Shiba Inu (SHIB) & Dogecoin (DOGE) Move Opposite Ways Amid Twitter Lawsuit

Elon Musk’s Twitter takeover has made waves once again, as the new Chief Twit just got hit with a class-action lawsuit for firing a whopping 3,700 employees just a couple of weeks in. The lawsuit was filed in San Francisco, California, where Twitter’s headquarters are located.

Further on, the Federal Court confirmed that the plaintiffs claim that Twitter broke both California State and Federal laws by not notifying the workers about the termination. Without any prior notice, the now ex-workers of Twitter received an email just a day before the massive layoff.

Recently, as ‘The Dogefather’ changed his profile bio to “Twitter complaint hotline operator”, he put pressure on Twitter’s staff to sort out several security issues that have been damaging the micro-blogging platform’s reputation for a while.

One of the issues was Twitter Blue, as a lot of crypto scams were derived from pseudo-verified Twitter accounts. Reportedly, Musk told his workers to work “12 hours a day, 7 days a week” to solve the issue. Naturally, not every employee was happy with the intensity of decisions made by their eccentric new boss.

Dogecoin (DOGE) Drops by 7%,  Rival Shiba Inu (SHIB) Pumps It Up

In the wake of the groundbreaking news, Elon Musk’s beloved DOGE couldn’t avoid consequences. It now has to face the music of the Twitter layoff controversy and has been 7.2% in the red for the last 24 hours. At press time, the 8th ranked cryptocurrency is priced at $0.119724, according to CoinGecko. In spite of the daily bearish trend, DOGE had a fruitful week with 55.3% in the green and a colossal 101.5% growth in fortnightly terms.

On the other hand, rival SHIB is flourishing with 4.20% gains in the last 24 hours, even though the canine coin dropped to the 14th spot by total market capitalization. However, the popular dog-themed token recorded a juicy 17.3% profit in the last 7 days and 26.2% in the last two weeks. At press time, SHIB trades at $0.00001237, according to CoinGecko.

It’s worth noting that SHIB has been following the footsteps of DOGE after Elon Musk completed the purchase of Twitter. However, SHIB seems to be immune to the recent controversy surrounding Twitter’s mass layoffs. Ultimately, while DOGE is on all fours today, rival canine crypto SHIB still managed to progress similarly to Ethereum (ETH), which also gained 3.2% in the last 24 hours.

On the Flipside

  • According to crypto analysts on Twitter, SHIB has the potential to trade as an ‘inverse DOGE’, rather than pattern itself after the top dog crypto.
  • Despite the SHIB Army’s highly publicized burning efforts, the SHIB burn rate dropped by 92% in the last 24 hours.

Why You Should Care

As Twitter’s new boss is also a loyal ambassador of DOGE, it’s important to track how Twitter’s developments correlate with the coin’s market value.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.