Summary: Tesla CEO Elon Musk’s mention of “doges” in a tweet caused a sudden surge in the price of Dogecoin (DOGE). Within seconds, the meme-inspired cryptocurrency rose from $0.069 to $0.07121 before retracing some of its gains. Musk’s tweet also had an impact on Shiba Inu (SHIB), another meme coin, driving it to a daily high of $0.00000784. This is not the first time Musk’s public comments about cryptocurrencies, particularly Dogecoin, have influenced the markets.
Elon Musk’s History with Meme Coins
Besides Dogecoin, Musk’s tweets have previously caused cryptocurrency prices to fluctuate. Last week, the unveiling of Musk’s AI-focused company led to a surge in AI-related tokens’ value. There is speculation within the crypto community that Musk may hold a significant amount of DOGE due to his interest in the meme-inspired coin. When he appeared on “Saturday Night Live” in May 2021, DOGE’s price skyrocketed to its all-time high of 73 cents. Musk’s latest tweet mentioning Doge coincided with Tesla’s upcoming second-quarter earnings report, which was expected to be released later on Wednesday afternoon.
1. What caused the surge in Dogecoin’s price?
The surge in Dogecoin’s price was triggered by a tweet from Elon Musk in which he mentioned “doges.” This tweet caused the price of DOGE to rise from $0.069 to $0.07121 in seconds.
2. Did Elon Musk’s tweet affect any other cryptocurrencies?
Yes, Musk’s tweet also had an impact on Shiba Inu (SHIB), another meme coin. SHIB experienced a surge and reached a daily high of $0.00000784.
3. How has Elon Musk influenced the cryptocurrency markets in the past?
Elon Musk has a history of influencing the cryptocurrency markets with his public comments, particularly regarding Dogecoin. His tweets or public statements about cryptocurrencies have led to fluctuations in their prices.
4. Is there speculation that Elon Musk holds a significant amount of Dogecoin?
Yes, within the cryptocurrency community, there is speculation that Elon Musk may be a significant holder of Dogecoin due to his interest and public support for the meme-inspired cryptocurrency.
5. How did Dogecoin’s price perform after the initial surge?
After reaching a high of $0.07121, Dogecoin’s price retraced some of its gains. At the time of writing, Dogecoin was trading at $0.07018, representing a 3.13% increase in the last 24 hours.