Did Elon Musk’s Tweet Send Dogecoin to the Moon? The CEO Favors ‘Doges’ Over Cats and Dogs
Elon Musk’s influence in the world of cryptocurrencies, particularly Dogecoin, has always had an impact on its price. Recently, Musk responded to a Twitter user’s question about his preference for dogs or cats with the word “Doges,” referring to the popular meme coin. This is not the first time Musk has tweeted about Dogecoin, and his previous tweets have been known to send the price of the coin soaring.
Musk has been a staunch supporter of Dogecoin and has even referred to it as “the people’s crypto.” In May 2021, around the time of Musk’s appearance on Saturday Night Live, Dogecoin reached its all-time high of 74 cents. Musk’s tweets during that time played a significant role in boosting the coin’s price.
In another instance a few months ago, the Dogecoin logo temporarily replaced Twitter’s iconic blue icon on its homepage. This led to a 38% surge in Dogecoin’s price. Musk has also made statements about his personal involvement with Dogecoin, such as confirming that he would consume a McDonald’s Happy Meal if the fast-food giant adopted Dogecoin as a form of payment.
However, Musk’s recent tweet about Dogecoin did not have a significant impact on the coin’s price. Dogecoin was trading at $0.06, down 1.32% in the last 24 hours, according to Benzinga Pro.
Musk’s interest in cryptocurrencies, particularly Dogecoin, has garnered attention in the market. His tweets and public statements have the power to influence the value of these coins. While his recent tweet may not have caused a surge in Dogecoin’s price, his previous actions have shown that his involvement in the cryptocurrency world can have a significant impact. It will be interesting to see how his future tweets and statements continue to shape the market for cryptocurrencies like Dogecoin.
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