Key Insights
- Over the last two years, Musk has been recognized as one of Dogecoin’s biggest proponents and promoters.
- Dogecoin has performed extraordinarily well over the last few weeks and has almost doubled in price.
Tesla/SpaceX CEO and businessman Elon Musk is once again standing in support of Dogecoin.
Just last month, the “dogefather” acquired one of the biggest social media platforms in the world, Twitter. Musk purchased it for $44 billion, and the buzz around it remains very much alive.
Over the last two years, Musk has been recognized as one of the biggest proponents of Dogecoin. Following his recent acquisition of the social media giant, some of that buzz has spilled over onto DOGE.
Dogecoin has performed extraordinarily well over the last few weeks and has almost doubled in price. Some of this bullishness on the cryptocurrency is due to the speculation (fueled by Musk himself) that this new owner of Twitter will somehow integrate DOGE as a payment system into the platform.
Musk Fuels Dogecoin’s Price Action
Among other cryptocurrencies, Musk has long supported DOGE in particular.
The new self-described “Twitter Complaint Hotline Operator” is well known for tweeting memes and bullish messages on DOGE.
Recently, Musk tweeted a picture of a Shiba Inu Dog (the Dogecoin logo) wearing a Twitter shirt and sitting beside a jack-o lantern.
— Elon Musk (@elonmusk) November 1, 2022
After the tweet, Dogecoin spiked from $0.125 to $0.157 over 24 hours in the inter-day trading charts.
As expected, investors rushed to take profits on the cryptocurrency, leading to a short-term price rejection and a drop to the $0.12914 zone where it now sits.
So far, Dogecoin is not the only memecoin to benefit from this bullishness.
Over the last 7 days, several other memecoins, including Shiba Inu, have charged higher. Dogelon Mars, a lesser known memecoin, gained almost 80% in seven days, and Shiba Inu gained 55% over the same period.
There is a good chance Dogecoin’s bullish rally might get started. The meme coin sector could be in for another breakout year.
It remains to see how Musk is just getting started in his involvement as the owner of Twitter and is actively dropping hints about integrating a crypto wallet (featuring Dogecoin) into the social media platform.
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