Elon Musk’s influence in the world of cryptocurrencies, particularly meme coin Dogecoin DOGE/USD has always caused ripples in its price.
What Happened: Musk on Monday was responding to a Twitter user who posted a question, "Do you like more dogs or cats?"
Musk promptly responded with a single word: “Doges.”
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’
Why It Matters: This is not the first time Musk has tweeted DOGE. Musk’s tweets have been known to send the price of DOGE skyrocketing.
He has been a staunch supporter of the meme coin. Dogecoin reached its all-time high of 74 cents around Musk's Saturday Night Live appearance in May 2021. At the time, Musk tweeted multiple times, calling it "the people's crypto."
Just a few months ago, the Twitter homepage saw the Dogecoin logo replace its iconic blue icon, leading to a 38% surge in DOGE’s price.
On July 3, he once again confirmed that he would personally consume a McDonald’s Happy Meal if the fast-food giant were to adopt Dogecoin as a form of payment.
Musk's tweet on Monday did not have any significant impact on the price of the coin. In fact, DOGE was trading at $0.06, down 1.32% in the last 24 hours, according to Benzinga Pro.
Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
Image created using AI via MidJourney
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
