Elon Musk Tweets “X Is A Dog & Doge Friendly Place,” DOGE Surges 4.24%

Key Points:

• Elon Musk’s tweet about DOGE caused a brief price spike and a buying frenzy.
• Musk plans to integrate DOGE payments within his social media platform X (formerly known as Twitter).

Elon Musk’s tweet about DOGE caused a 4.24% price spike and buying frenzy. He plans to integrate DOGE payments within X.

Tech billionaire Elon Musk’s recent announcement that his social media platform X (formerly known as Twitter) is Dogecoin (DOGE)-friendly has created a buzz in the cryptocurrency world.

As a result of Musk’s comment, DOGE’s price briefly spiked by 4.2%, reaching $0.06547. Musk’s tweet also triggered a buying frenzy, with 25.69 million DOGE purchased within just one minute of the tweet.

Musk has been vocal about his support for DOGE, even unveiling plans for a Dogecoin-themed project for his space exploration company, SpaceX. However, his endorsement of DOGE has also landed him in hot water, as he was sued by investors who accused him of insider trading. The plaintiffs claimed that Musk sold $124 million worth of DOGE in April, right after changing X’s (then known as Twitter) logo to the DOGE mascot.

Despite the legal trouble, Musk has expressed interest in integrating DOGE payments within the X platform, although no tentative date has been announced. Many expect DOGE’s price to skyrocket when this integration becomes a reality. According to Altcoin Daily, DOGE could reach $1 or even $5 after its integration with X.

Reaching $1 would translate to a growth rate of about 1487%, while reaching $5 would mean a growth rate of 7836%. If an investor purchases $100 worth of DOGE at current prices, the investment could turn into $1587 if DOGE reaches $1, and $7936 if it reaches $5.

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