In what is becoming the norm in the crypto sphere, Elon Musk continues to influence crypto prices. In the latest case, Elon’s tweet has led to a 6% price surge for the popular meme coin dogecoin. The outspoken billionaire made the tweet on February 22, 2023, leading to the price change.
Dogecoin on the Rise
Dogecoin has risen the ranks to become the most popular meme coin on the planet. Created in 2013, the parody cryptocurrency was based on the Shiba Inu dog. This move made Shiba Inu dog memes gain unprecedented popularity. Created as a mockery of cryptos, the coin instead soared and became one of the top ten cryptos in terms of market capitalization.
With a market value of $11.56B, the meme coin remains to be one of the most sought-after crypto assets globally.
The New Tweet
In the latest tweet, the Twitter owner posted a joke writing “High time I confessed I let the Doge out.” The caption was alongside a shared image with the statement “It was me, I let the dogs out.” This tweet led to much speculation with many enthusiasts theorizing that Musk might be talking about Dogecoin adoption on Twitter.
However, this theory remains speculative as Musk offered no concrete evidence of such a move. Instead, he referenced Twitter’s new feature in the exchange, causing further confusion. Drawing attention to the Community Notes feature meant to expand on the context of tweets. As such, the tweet is mainly thought of as a public event signaling the feature’s recent launch. The tweet also clearly showcases the Tesla founder’s fondness for Dogecoin.
Elon and Dogecoin
This tweet is another one in a chain of Elon-related cases that have affected Dogecoin prices. Over the last few years, there are at least 30 incidents involving the mogul that resulted in at least a 3% price change in Dogecoin price. Be it publicly endorsing the use of the meme coin or even proposing its adoption on social media platforms, Musk has been very active in the crypto-verse.
Thus, the price of Dogecoin and trading activity often shoot up within hours of such incidents. Such occurrences have become commonplace over the last few years. The incidents temporarily boosted trading volumes and meme coin prices before eventually leveling out. Therefore, in this case, unless Musk makes a monumental announcement, Dogecoin prices will largely remain unchanged in the long term.
