Elon Musk’s Tweet Sparks Brief $SHOGGOTH Surge – Coincu

Elon Musk’s retweet of the Shoggoth memecoin on May 27, 2025, caused its market cap to briefly surge beyond $17 million.

The event highlights Musk’s significant influence on memecoin markets, resulting in a 90% surge followed by a swift value retraction.

Musk’s Retweet Propels $SHOGGOTH to $17M in Market Cap

The Shoggoth memecoin experienced a rapid increase in market value following a retweet by Elon Musk, CEO of Tesla and SpaceX, on May 27, 2025. This event aligns with Musk’s history of influencing crypto markets. The Shoggoth market cap swiftly increased beyond $17 million.

After Musk’s tweet, the Shoggoth market capitalization spiked over 90% in less than an hour. Despite initial enthusiasm, the value quickly retracted to $12.47 million, demonstrating the speculative nature of such market reactions.

Market responses indicated Musk’s continued impact reminiscent of past incidents involving Dogecoin. No major statements emerged from Shoggoth’s developers, who engaged with the situation using memes, highlighting the humorous side of cryptos.

Insights into ‘Elon Effect’ and Market Reactions

Did you know? The “Elon Musk effect” shows strong parallels with previous events in the memecoin sector, illustrating how his tweets can lead to significant but short-lived spikes in market values.

According to CoinMarketCap, Shoggoth (SHOGGOTH) currently trades at $0.01 with a market cap of $9,698,618. The token exhibited a 48.73% increase in 24 hours. Trading volumes rose significantly, showcasing the substantial interest sparked by the recent Musk retweet.

Insights from the Coincu research team indicate that such meme-driven spikes, though often short-lived, highlight the potential for continued heightened interest in cryptocurrencies driven by prominent public figures.