Dogecoin and Shiba Inu Spike. Elon Musk’s Magic Is Still Working on ‘Memecoins.’

Dogecoin Shiba Inu and at least one other dog-themed meme cryptocurrency got a spike after Elon Musk teased the group of tokens with photos of his dog posted on Twitter. Musk’s ability to move “memecoin” markets shows few signs of abating.

While they are called memecoins because they were principally developed as mostly internet jokes rather than serious blockchain projects, this group of cryptos has grown to be more than a prank. Dogecoin is the ninth-largest digital asset and has inspired dozens of spinoffs, including Shiba Inu, which is the 13th-largest crypto. Dogecoin is based on a meme involving a Shiba Inu dog called “doge.”