© Reuters Shiba Inu (SHIB) and Dogecoin (DOGE) Move Opposite Ways Amid Twitter LawsuitElon Musk’s Twitter takeover has made waves once again, as the new Chief Twit just got hit with a class-action lawsuit for firing a whopping 3,700 employees just a couple of weeks in. The lawsuit was filed in San Francisco, California, where Twitter’s headquarters are located.
Further on, the Federal Court confirmed that the plaintiffs claim that Twitter broke both California State and Federal laws by not notifying the workers about the termination. Without any prior notice, the now ex-workers of Twitter received an email just a day before the massive layoff.
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Twitter Inc (NYSE:) has been hit with a class-action lawsuit over Elon Musk’s plan to lay off workers without enough notice https://t.co/j34HCFvDvt
— philip lewis (@Phil_Lewis_) November 4, 2022
Recently, as ‘The Dogefather’ changed his profile bio to “Twitter complaint hotline operator”, he put pressure on Twitter’s staff to sort out several security issues that have been damaging the micro-blogging platform’s reputation for a while.
One of the issues was Twitter Blue, as a lot of crypto scams were derived from pseudo-verified Twitter accounts. Reportedly, Musk told his workers to work “12 hours a day, 7 days a week” to solve the issue. Naturally, not every employee was happy with the intensity of decisions made by their eccentric new boss.
(DOGE) Drops by 7%, Rival (SHIB) Pumps It Up
In the wake of the groundbreaking news, Elon Musk’s beloved DOGE couldn’t avoid consequences. It now has to face the music of the Twitter layoff controversy and has been 7.2% in the red for the last 24 hours. At press time, the 8th ranked cryptocurrency is priced at $0.119724, according to CoinGecko. In spite of the daily bearish trend, DOGE had a fruitful week with 55.3% in the green and a colossal 101.5% growth in fortnightly terms.
On the other hand, rival SHIB is flourishing with 4.20% gains in the last 24 hours, even though the canine coin dropped to the 14th spot by total market capitalization. However, the popular dog-themed token recorded a juicy 17.3% profit in the last 7 days and 26.2% in the last two weeks. At press time, SHIB trades at $0.00001237, according to CoinGecko.
It’s worth noting that SHIB has been following the footsteps of DOGE after Elon Musk completed the purchase of Twitter. However, SHIB seems to be immune to the recent controversy surrounding Twitter’s mass layoffs. Ultimately, while DOGE is on all fours today, rival canine crypto SHIB still managed to progress similarly to (ETH), which also gained 3.2% in the last 24 hours.
Shiba pumps anytime there’s bad news related to Twitter / Elon
— Psycho (@AltcoinPsycho) November 4, 2022
On the Flipside
- According to crypto analysts on Twitter, SHIB has the potential to trade as an ‘inverse DOGE’, rather than pattern itself after the top dog crypto.
- Despite the SHIB Army’s highly publicized burning efforts, the SHIB burn rate dropped by 92% in the last 24 hours.
Why You Should Care
As Twitter’s new boss is also a loyal ambassador of DOGE, it’s important to track how Twitter’s developments correlate with the coin’s market value.
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