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

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.

Dogecoin Pops Up Over 4% After Elon Musk's Interesting Tweet 5

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.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

21 mins ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

21 mins ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

3 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

5 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

8 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

9 hours ago

This website uses cookies.