Social media has become one of the most powerful forces in the modern era, and it has the ability to make or break businesses in the court of public opinion. Cryptocurrency is not immune to the emperor that is social media’s giant thumbs up or thumbs down, and many coins have suffered or flourished thanks to the input of the masses through the medium of social media.
DogeMiyagi (MIYAGI), Shiba Inu (SHIB), and Apecoin (APE) are three crypto coins that have seen the trajectory of their success affected by social media, and it is undeniable that their influence will not end anytime soon.
Apecoin: So Last Year
Apecoin (APE) is a coin that has seen startling peaks and dips due to social media. When it went viral last year due to its NFT collection, Bored Ape Yacht Club, celebrities and influencers all over the world hopped on the APE-train to share their Bored Ape NFTs on Twitter, much to the envy and ridicule of people from every area of the communities on the site.
While the price boomed and people bought and sold their Bored Ape NFTs for millions, some groups called into question the volatility of these tokens, which ultimately began to influence the perception of the Bored Ape NFTs, sucking the value out of them and drive down the price of APE. APE has yet to recover from the bashing from communities on social media.
Shiba Inu: Social Media Success Story
Shiba Inu (SHIB), conversely, is a crypto that has managed to get people on social media to back the currency, which has helped it weather the tough times and makes another price pump probable after its outrageous spike in 2021. The community behind SHIB is a fierce one, and they band together on social media in support of this coin in the face of adversity.
Furthermore, the influence of Twitter owner Elon Musk on the prices of cryptocurrency sees SHIB experiencing gains whenever he mentions either his pet Shiba Inu or mentions meme coins as a whole, so the trajectory of this coin is inextricably linked to the ebb and flow of opinion of SHIB being made public as well as this controversial individual on social media.
DogeMiyagi: A New Challenger Enters
DogeMiyagi (MIYAGI) is another Doge-based meme coin that is influenced by cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE), so it would be naive to think that it would not also be influenced by Elon Musk and his Twitter antics. As the hype around this new coin’s presale builds on social media, the positive impact on the price of this coin is becoming apparent as more and more investors are buying this new coin based on the momentum it is building within social media spheres like Twitter and Reddit.
Cryptocurrency and the internet, especially social media, will always be woven together, for better or for worse. The power of social media to positively or negatively impact the price of individual cryptocurrencies as well as the crypto market as a whole is something that Apecoin (APE), Shiba Inu (SHIB), and DogeMiyagi (MIYAGI) are more than aware of. As all crypto coins are vying to become the sweetheart of social media, the fickle nature of popular opinion on the internet means that it will always keep the game of crypto unexpected and interesting.
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