Dogecoin Pops Up Over 4% After Elon Musk’s Interesting Tweet

Dogecoin-Pops-Up-Over-4-percent-After-Elon-Musks-Interesting-Tweet

Key Points:

Elon Musk’s tweet mentioning dog-themed cryptocurrency Dogecoin caused a 4% price surge in minutes.
DOGE’s price reached $0.0724 before retracing some gains, trading around $0.070 at press time.
Other dog-themed cryptocurrencies, like Shiba Inu, also experienced price increases but mostly retraced their gains.

Elon Musk’s tweet mentioning dog-themed cryptocurrency Dogecoin (DOGE) caused the token’s price to jump over 4% in just a few minutes.

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Musk, known for expressing his fondness for Dogecoin, shared a humorous image of the Scooby-Doo cartoon character and playfully wrote, “DOGE ftw (DOGE to win).”

Following Musk’s tweet, DOGE’s price surged from $0.0684 to as high as $0.0724. However, the token later retraced some of its gains and was trading slightly above $0.070 at press time, still reflecting a 2% increase over the past 24 hours.

DOGE price chart. Source: TradingView

Shiba inu coin (SHIB), the second largest dog-themed cryptocurrency after DOGE, also experienced a price increase but has mostly retraced that move.

In the competitive world of meme coins, there is currently a race among investors to identify the meme coin with the highest growth potential. Surprisingly, the current leader is not Dogecoin or Pepe Coin (PEPE), both of which have previously enjoyed significant success.

PEPE, inspired by the iconic Pepe the Frog meme, surpassed competitors like Dogecoin and Shiba Inu at various points. It quickly gained attention and achieved a market capitalization of $1.8 billion shortly after its launch. However, PEPE’s momentum has declined recently, leaving early holders disappointed.

Similarly, Dogecoin, once a star in the meme coin space, has encountered a rough patch. Its market value has become unpredictable, fluctuating without a clear trajectory. The future of Dogecoin remains uncertain, despite hopes for a market recovery.

Elon Musk‘s comments about cryptocurrencies, including Dogecoin, have historically had a significant impact on the market. Last week, his mention of an AI-focused venture caused a surge in artificial intelligence-related tokens.

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Interestingly, Musk’s recent comments about Dogecoin come just ahead of Tesla’s second-quarter earnings report. In the previous year’s Q2 report, Tesla announced the sale of some of its Bitcoin holdings. Investors will be keen to see if Musk’s remarks have any influence on Tesla’s cryptocurrency-related decisions this time around.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.