Elon Musk's 'Dogs Rock' Swipe At Media Sends Canine-Themed Meme Coins Soaring

In a tweet on X (formerly Twitter), Elon Musk, the CEO of Tesla, once again sent Dogecoin DOGE/USD and other meme-related cryptocurrencies booming. 

What Happened: Musk took a jab at the media by tweeting an image followed by the caption, “Dogs rock.” The values of Dogecoin, Shiba Inu SHIB/USD, and Floki FLOKI/USD experienced significant rallies, increasing by 2.89%, 2.48%, and 5.12% respectively over a 24-hour period. 

The tweet has garnered over 3.2 million impressions in the last hour.

Crypto community members like David Gokhstein, founder of Gokhstein Media tweeted," DOGE about to send."

$DOGE about to send

— David Gokhshtein (@davidgokhshtein) October 2, 2023

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Why It Matters: Musk’s affinity for Dogecoin is no secret, as he has expressed his appreciation for the meme cryptocurrency on multiple occasions. Despite the existence of more established digital currencies like Bitcoin BTC/USD and Ethereum ETH/USD, Musk’s fondness for Dogecoin continues to intrigue many. 

The billionaire entrepreneur in July shed light on his preference during his appearance at the Wall Street Journal CEO Council Summit in Q2 2023.  "I'm not advising anyone to buy a crypto or bet the farm on Dogecoin or anything like that. Maybe you should, but let me advise you that would be perhaps unwise. Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs," Musk said.

Originally launched in December 2013 by software engineers Jackson Palmer and Billy Markus, Dogecoin set out to be a lighthearted and satirical take on cryptocurrencies, incorporating a meme-inspired approach. The iconic Shiba Inu dog, which gained prominence as an online meme in 2013.

Price Action: At the time of writing, DOGE was trading at $0.063 up 2.48% in the last 24 hours, according to Benzinga Pro.

Photo by BBbirdZ on Shutterstock

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