Elon Musk changed the Twitter profile picture with the Dogecoin picture, increasing the DOGE price by 20%
Tesla CEO Elon Musk recently updated his Twitter profile with a DOGE-related profile picture, resulting in a double-digit price increase.
The Tesla CEO appears to have returned to the crypto wars and is once again involved in his favorite meme project, Dogecoin. The billionaire businessman has been quiet for the past few weeks but has rocked his fans again by updating his profile picture.
On the profile picture, Musk wears sunglasses and the glass reflects the Shiba Inu logo from Dogecoin. The DOGE community immediately saw the new profile picture and soon the price rose by almost 20%. However, the price pump was short-lived and DOGE is up a little more than 10% today.
Elon Musk’s new profile picture | Source: TwoItter
The rising price has helped DOGE become the second best performer of the day among the top 100 cryptocurrencies.
DOGE price table | Source: Trade view
Comments on DOGE
Musk also recently responded to an animated tweet from the user. The animated tweet shows Musk’s son, nicknamed “Lil X”, buying DOGE. When asked for confirmation, Musk replied:
“Lil X holds her DOGE like a champion. Literally never say the word “sell”! “
Lil X holds his doge like a champion. I literally never said the word “sell”!
– Elon Musk (@elonmusk) July 17, 2021
Story of DOGE and Musk
Elon Musk was a passionate DOGE supporter for most of 2021. The billionaire was even named to drive the meme coin price pump at all-time highs this year. DOGE rose to an all-time high of $ 0.74 before appearing on Saturday Night Live (SNL).
After that, however, the coin crashed, losing about 80% since the pre-SNL euphoria.
It seems that Musk hasn’t given up on the Dogecoin discussion just yet. The ambitious CEO recently shared his findings on the scalability of the project. Musk already mentioned potential methods of speeding up the Dogecoin network. But Ethereum founder Vitalik Buterin rejected this idea. Buterin points to the complexities of centralization and compromises in technology. He says there are important, subtle factors that affect scaling.
According to Beincrypto