Although Musk sometimes makes public statements about crypto in general, his continued interest in DOGE has drawn up speculations.
The price of Dogecoin (DOGE) has once again reacted in line with a tweet from Tesla CEO Elon Musk. As CoinMarketCap data suggests, the popular memecoin saw over a 4% increase in value, shortly after Musk tweeted on Wednesday. He simply wrote “Doges ftw,” and what followed was that the DOGE’s price spiked to as high as $0.072 from around $0.069 where the price was hovering before the post.
Dogecoin Reaction to the Tweet by Musk
As of press time, however, the token has lost some of its gains and can be seen trading at just above $0.070. But despite the losses, DOGE’s price is still up 1.41% in the last 24 hours.
Interestingly, Dogecoin was not the only coin to see a bump in price on Wednesday. Shiba Inu coin (SHIB), the second largest memecoin by market capitalization after DOGE, also experienced a price surge. But the surge was short-lived as the coin has since retraced nearly all of its recent steps.
Elon Musk’s Bond with Dogecoin (DOGE)
Without a doubt, there appears to be a certain relationship between Elon Musk and the popular dog-themed cryptocurrency. So much so that the Tesla CEO has, on several occasions, made public comments about the coin, therefore, earning him the alias “The Doge Father.”
Musk’s influential role in popularizing Dogecoin cannot be over-emphasized. He even went as far as dedicating a segment of his May 2021 appearance on the “Saturday Night Live” show to DOGE. And as one would recall, DOGE hit its all-time high price of $0.73 around the same period.
Although Musk sometimes makes public statements about crypto in general, his continued interest in DOGE has drawn up speculations that the Tesla billionaire may just be a very large DOGE holder.
His influence over crypto markets, in general, is also noteworthy. That is because these markets also have a history of reacting to Musk’s comments.
To put the above statement into perspective, Coinspeaker reported about Musk floating an AI-focused business to compete with ChatGPT. And as a result, artificial intelligence-based tokens immediately took to their heels on the news.