Elon Musk, the richest man in the world, has been talked about again. Indeed, he declared on July 20, 2023 that Twitter was a friendly place for dogs and Doges. His seemingly innocuous tweet could have significant implications for the price of the Dogecoin crypto.
A tweet that moves the price of DOGE
In his tweet, Elon Musk uses the word “Doge” playfully, comparing it to dogs. This association could be a way for the president of Space X to strengthen the appeal of dogecoin to cryptocurrency investors.
This seemingly trivial tweet has important implications for the price of the meme coin. Musk has a history of using his tweets to influence cryptocurrency markets, and his recent outing is no exception.
The proof, the price of Dogecoin increased by 3% in a few minutes after the tweet of Musk from $0.062 to $0.064. However, it then relapsed and only increased by 0.4% in the past 24 hours. However, Musk’s statement was welcomed by supporters of the asset. They hope that Musk will continue to support cryptocurrency and make it a more popular option.
Elon Musk continues to support Dogecoin
The CEO of Twitter is a strong proponent of Dogecoin (DOGE), which is a crypto based on the Shiba Inu dog internet meme. Besides, this is not his first tweet in favor of this digital asset. In 2021, it even declared itself to be the “people’s crypto”. Also, Tesla has already accepted the token as a payment method for certain products. Besides, if Musk integrates Dogecoin into Twitter, it could be a big boost for the crypto. Because, it would allow Twitter users to send and receive DOGE, making it a more convenient and accessible option.
Nevertheless, it is still too early to tell if Elon Musk’s tweet will have a lasting impact on the price of Dogecoin (DOGE). However, he is a reminder of the influence he can have on the crypto markets.
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