- Elon Musk’s playful tweet led to a brief 4% surge in Dogecoin (DOGE), nudging the cryptocurrency’s price to $0.072, sustaining a 2% rise over the last 24 hours.
- Musk’s consistent engagement with the crypto space, notably DOGE, fuels speculation about his potential significant holding in the meme coin, adding further intrigue as DOGE eyes the $0.10 price target.
As the whimsical dance between renowned entrepreneur Elon Musk and the quirky cryptocurrency Dogecoin (DOGE) continues, the latest chapter unfolded when a solitary tweet from Musk set DOGE leaping approximately 4% within minutes.
The Musk Effect on DOGE
Musk, known for his roles as Tesla CEO and Twitter owner, has cultivated a reputation for his coy fondness for this playful crypto-asset, his tweets routinely triggering palpable shifts in the coin’s market position. On this occasion, a single tweet nudged DOGE’s price from $0.069 to a high of $0.072 in the blink of an eye. Although the gains were trimmed shortly after, the cryptocurrency retained an approximately 2% increase over the preceding day, trading a hair’s breadth below $0.070 at the time of reporting.
Dogecoin isn’t the sole canine-themed cryptocurrency to experience such a bump. Shiba Inu coin (SHIB), the runner-up in dog-themed crypto market value, also saw a fleeting price spike. Yet, the majority of this sudden increase has since retraced, hinting at the transient nature of these crypto fluctuations.
The broader crypto-market has grown accustomed to these ripples caused by Musk’s digital footprint. His public commentary on various cryptocurrencies, particularly Dogecoin, and their subsequent market reactions are something of a norm in the crypto space. An intriguing exemplar emerged last week when AI-related tokens experienced a surge following Musk’s announcement of an AI-centric enterprise challenging the popular chatbot ChatGPT.
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There’s abundant speculation amongst crypto enthusiasts that Musk’s recurrent interest in Dogecoin might indicate significant personal holdings. One compelling instance occurred in May 2021 when Musk’s “Saturday Night Live” appearance coincided with Dogecoin peaking at a staggering 73 cents – an all-time high according to CoinGecko. Since then, however, DOGE has relinquished roughly 90% of its market value.
Intriguingly, Musk’s most recent commentary on Dogecoin arrives just ahead of Tesla’s Q2 earnings report. This situation bears resemblance to Tesla’s Q2 earnings report of the previous year when the company declared the sale of some of its Bitcoin holdings, further underlining Musk’s entanglement with the crypto market. The compelling question now is: could this recent tweet be a hint of Dogecoin inching towards the ambitious $0.10 price target? Only time, and perhaps more tweets, will tell.
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