Elon Musk's Tweet Causes a Sudden Rise of $SHOGGOTH

Elon Musk's re-sharing of the Shoggoth memecoin on May 27, 2025, caused the market capitalization of this coin to soar to over $17 million in a short-term. This event highlights Musk's significant influence on the memecoin market, causing the price to increase by 90% before quickly falling. Musk's Repost Pushes $SHOGGOTH to a Market Capitalization of $17 Million The memecoin Shoggoth rapidly increased its market value after Elon Musk, CEO of Tesla and SpaceX, shared it again on May 27, 2025. This event aligns with Musk's historical influence on the cryptocurrency market. The market capitalization of Shoggoth quickly rose to over 17 million dollars. After Musk's tweet, the market capitalization of Shoggoth surged more than 90% in less than an hour. Despite the initial enthusiasm, the value quickly fell to $12.47 million, indicating the speculative nature of such market reactions. The market's reaction shows the continuous impact of Musk reminiscent of previous incidents related to Dogecoin. There have been no major statements from the Shoggoth developers, who have engaged in this situation by using memes, highlighting the humorous aspect of cryptocurrency. A Deep Look at 'Elon Effect' and Market Reaction Did you know? The "Elon Musk effect" shows a strong correlation with previous events in the memecoin space, illustrating how his tweets can lead to significant but short-term increases in market value. According to CoinMarketCap, Shoggoth (SHOGGOTH) is currently trading at $0.01 with a market capitalization of $9,698,618. This token has increased by 48.73% in the last 24 hours. Trading volume has significantly increased, indicating considerable interest sparked by Musk's recent tweet.

Detailed information from the research team indicates that the spikes driven by memes, although often occurring in the short-term, highlight the potential for growing interest in cryptocurrencies propelled by famous public figures.