- Elon Musk, often dubbed the “Dogefather”, makes another reference to Dogecoin.
- Dogecoin experiences a restrained price shift, gaining 0.9% over the last 24 hours.
Elon Musk and His Endearing DOGE Affiliation
Tech mogul Elon Musk, known for his penchant for cryptic tweets, has once more brought Dogecoin (DOGE) to the spotlight. This time, in connection with the mysterious “X”, Musk playfully stated,
“X is a dog and Doge friendly place!”
on a popular social media platform.
— Maye Musk (@mayemusk) August 22, 2023
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A History of Influential Tweets
Musk’s public dalliance with Dogecoin isn’t new. His self-proclaimed titles, “Dogefather” and “Dogecoin CEO”, are testament to the deep-rooted association he has nurtured with the meme-inspired cryptocurrency. The billionaire’s remarks have, on numerous occasions, significantly influenced the coin’s valuation.
A vivid demonstration of this dynamic occurred in April. Prior to renaming Twitter to “X”, Musk, then Tesla’s CEO, unexpectedly replaced the platform’s iconic blue bird emblem with the Shiba Inu dog from Dogecoin’s logo. This move promptly accelerated DOGE’s price, propelling it upwards by a remarkable 30%. Such instances exemplify the cryptocurrency market’s sensitivity to Musk’s commentary on Dogecoin.
DOGE’s Tepid Response to Musk’s Mention
However, in a departure from previous robust reactions, Dogecoin’s price exhibited a rather restrained uptick following Musk’s latest acknowledgment. At the time of this article, the coin has witnessed an incremental rise of 0.6% in the preceding hour and a cumulative 0.9% over the past day.
The recent times have been challenging for the meme coin. Over the last month, it receded by a significant 16.8% and further contracted by 10.3% in the past week. After reaching a zenith of $0.0817 towards the end of July, Dogecoin is currently exchanging hands at $0.0633, backed by a 24-hour trading volume hovering around $370 million.
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