Dogecoin Price Jumps 5% After Elon Musk’s Cryptic ‘D.O.G.E.’ Reference
Release: 2024/08/21 03:44 Reading: 778
Elon Musk's Cryptic Tweet Reignites Dogecoin Interest
Elon Musk's enigmatic tweets have rekindled enthusiasm within the cryptocurrency community, particularly among Dogecoin enthusiasts. On Tuesday, Musk posted a cryptic message on Twitter, "D.O.G.E." accompanied by a humorous take on the acronym. This tweet caused the value of Dogecoin (DOGE) to surge by 5%, reaching $0.105 at the time of writing.
The tweet featured an AI-generated image of Musk standing behind a podium labeled "Department Of Government Efficiency (D.O.G.E.)."
"I am willing to serve." The post swiftly went viral, resonating with the Dogecoin community and reinforcing the utility of the meme-based cryptocurrency in the broader crypto market.
Musk's Relationship with Dogecoin
Musk's affinity for Dogecoin is well-known. The billionaire has consistently championed the Shiba Inu-themed cryptocurrency, and his tweets have often sparked price increases. Tesla has even adopted Dogecoin as a payment method for certain products.
Market Impact
Musk's tweets have had a significant effect on Dogecoin's market performance. His support has boosted its value in the past but has also drawn criticism. A group of investors filed a lawsuit against Musk in 2022, alleging that he manipulated Dogecoin by artificially inflating its value.
Recent Price Performance
Dogecoin has experienced a volatile surge in recent weeks, with Musk's latest tweet providing further momentum. Market observers speculate whether this rise will be short-lived or continue.
Despite its origins as a joke, Dogecoin has proven to be resilient, thanks in large part to Musk's sporadic endorsements. At the time of writing, DOGE is trading at $0.1053, up 5.37% in the last 24 hours.
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