Dogecoin Price Surges as Elon Musk Makes Cryptic Tweet Mentioning DOGE During Crypto Sell-Off
The value of Dogecoin, the first-ever meme coin created as a joke, rose over the weekend following a cryptic tweet by tech billionaire Elon Musk, who is known to be an avid supporter of the cryptocurrency. Musk’s tweet, which read “Cry ‘Havoc!’ and let slip the Doges of war”, caused a surge in the value of Dogecoin, which saw a gain of 4.49%. However, the context of the tweet remains unknown. Musk has been a vocal evangelist of Dogecoin in the past and his mention of the altcoin in his tweet was viewed as a reassuring signal for holders of the cryptocurrency, who are experiencing sharp losses due to mounting regulatory pressure and enforcement by the US Securities and Exchange Commission. The US financial watchdog has recently accused two major centralized cryptocurrency exchanges of securities law violations and deemed Solana, Cardano, and Polygon as securities, leading to Robinhood delisting them from its platform. Despite Musk’s support for Dogecoin, he discouraged crypto investors last month from betting all their finances on the cryptocurrency, stating that it would “be perhaps unwise”. As of Sunday, Dogecoin had seen a gain of 2.51% and was trading at $0.06185 with a 24-hour volume of $418m, according to data from CoinMarketCap.