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Shiba Inu and Dogecoin Drop as Elon Musk Announces New Twitter CEO

Shiba Inu and Dogecoin both experienced drops in value as a result of Elon Musk's announcement that he has found a new CEO for Twitter. Shiba Inu hit a five-month low and Dogecoin neared a multi-month low. The sell-off caused Shiba Inu to approach its weakest point since January, but the oversold territory of the relative strength index suggests a potential reversal. Dogecoin also bounced back after hitting a low of $0.06957, with traders buying the dip and potentially setting a hard floor.

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