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.”
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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.
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