- Despite Musk’s previous promotions pushing Dogecoin, its value dropped significantly after its appearance on SNL 2021.
- Musk proposes to charge a small fee to new X users, suggesting Dogecoin as a possible payment method on the platform.
After Elon Musk posted a meme about Dogecoin on his X page on social media, the price of Dogecoin increased by more than 4%.
In his post, Musk used a joke from the 1979 movie “Monty Python’s Life of Brian” to portray the mainstream media as soldiers who find it difficult to report seriously on Dogecoin because it has become one of the top ten cryptocurrencies by market capitalization.
— Elon Musk (@elonmusk) April 15, 2024
This price rally was temporary, indicating that the impact of Musk’s publications on the value of the cryptocurrency may be waning.
Read more: Bullish outlook: Dogecoin (DOGE) expected to rise to $2.17
Elon Musk has been influential in promoting Dogecoin, especially in 2021, when his continued support helped elevate its market position to the fourth largest by market capitalization, reaching a peak market capitalization of around $85 billion.
However, Dogecoin’s value dropped significantly after Musk appeared on “Saturday Night Live” in May 2021.
In addition, Musk has announced that X will begin charging new users a small fee for posting, liking and bookmarking content to address the problem of automated bots on the platform.
Musk stated that this measure is necessary because modern AI technologies allow bots to easily bypass standard restrictions.
Related: Elon Musk’s influence on Dogecoin’s share price: The community anticipates a possible upswing
This led some users to suggest that Dogecoin could be used to pay these new user fees on the platform, potentially expanding its use beyond simply being a tradable asset to having practical utility in online transactions.
Dogecoin (DOGE) is currently trading at $0.1542, experiencing a 2.75% decline . This recent drop aligns with broader market trends, where many cryptocurrencies have faced declines.
Considering thecurrent technical analysisand market conditions, Dogecoin may continue to experience fluctuations. Support appears to be forming around the $0.15 mark, and if it holds, there could be a potential bounce.
