Every time Elon Musk speaks, it’s like a tremor goes through the constantly shifting cryptocurrency environment.
The newest example is a tweet from the tech entrepreneur with regard to his mother, Maye Musk, in which he declares X, previously Twitter, to be a “dog & Doge friendly place!”
Although appearing humorous, this remark has serious consequences for the future value of Dogecoin (DOGE), the cryptocurrency most associated with the popular internet meme.
Musk’s tweets have a lengthy history of influencing the price of digital currencies, especially DOGE. This latest exchange highlights Musk’s enduring interest in the currency and his understanding of its underlying social appeal.
Crypto investors anticipate Musk will use Dogecoin as a payment option in some capacity on X, and Musk uses the fun part of his tweet to retain DOGE’s relevancy and build its link to his followers.
Musk’s habit of mentioning the popular memecoin on his X account began even before he bought the site a year ago.
The media magnet has been quoted as saying things like, “Dogecoin is the people’s crypto,” and his company, Tesla, has even begun accepting DOGE as payment for certain “merch.”
The announcement caused a brief increase in the price of dogecoin, which caused it to briefly peak at $0.064 before falling again. Despite this, the top meme currency is only up 0.4% in the previous 24 hours.
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