Benzinga - Elon Musk’s influence in the world of cryptocurrencies, particularly meme coin Dogecoin (CRYPTO: DOGE) has always caused ripples in its price.
What Happened: Musk on Monday was responding to a Twitter user who posted a question, "Do you like more dogs or cats?"
Musk promptly responded with a single word: “Doges.”
Doges— Elon Musk (@elonmusk) July 17, 2023
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Why It Matters: This is not the first time Musk has tweeted DOGE. Musk’s tweets have been known to send the price of DOGE skyrocketing.
He has been a staunch supporter of the meme coin. Dogecoin reached its all-time high of 74 cents around Musk's Saturday Night Live appearance in May 2021. At the time, Musk tweeted multiple times, calling it "the people's crypto."
Dogecoin is the people's crypto— Elon Musk (@elonmusk) February 4, 2021
Just a few months ago, the Twitter homepage saw the Dogecoin logo replace its iconic blue icon, leading to a 38% surge in DOGE’s price.
On July 3, he once again confirmed that he would personally consume a McDonald’s Happy Meal if the fast-food giant were to adopt Dogecoin as a form of payment.
Musk's tweet on Monday did not have any significant impact on the price of the coin. In fact, DOGE was trading at $0.06, down 1.32% in the last 24 hours, according to Benzinga Pro.
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