With a Tweet, Elon Musk Boosts the Price of Dogecoin
Elon Musk, the CEO of Twitter and a prominent Dogecoin supporter, made a joke about a “fee for visiting Twitter headquarters” that should be paid in DOGE. He responded to a user who asked about visiting the platform’s headquarters by saying that it would cost three DOGE. This has led to speculation that Dogecoin will eventually be recognized as a form of payment on Twitter. Following his post, the popular DOGE price increased by over 3.3% to $0.077137. Musk has recently gained media attention due to his remarks regarding the Federal Reserve’s plans. He claimed that depositors were leaving banks due to low-interest savings accounts and demanded a 50 basis point rate reduction to save the melting banks. Musk also supported the idea of mandating the FDIC briefly insure all deposits above the $250,000 limit to stop bank runs. In summary, Musk’s joke tweet may have had unintended consequences on Dogecoin’s price, while his comments on the Federal Reserve’s plans have brought him media attention.