Elon Musk, the controversial owner of X, once again stirred up the cryptocurrency world with a cryptic post on social media. In his latest tweet, Musk declared that “X is a dog and Doge friendly place!” This statement is just another example of Musk’s ongoing fascination with Dogecoin (DOGE), a meme coin that he has actively supported and promoted.
Musk, who often refers to himself as the “Dogefather” and the “Dogecoin CEO,” has played a significant role in raising the profile of DOGE in both popular culture and the financial world. His actions and words have been known to have a significant impact on the price of the cryptocurrency. For instance, in April of this year, Musk surprised everyone by changing his Twitter name to X and replacing the blue bird logo with the Dogecoin Shiba Inu dog image. This move alone caused the price of DOGE to surge by 30%, highlighting the market’s sensitivity to Musk’s involvement with the coin.
Despite Musk’s latest post, the impact on DOGE prices has been relatively modest. In the hour preceding this writing, DOGE has only seen a 0.6% increase, and over the past 24 hours, it has gained 0.9%. However, DOGE has faced some challenges recently, with a 16.8% loss in value over the past 30 days and a 10.3% decline in the last seven days. After reaching a high of $0.0817 in late July, DOGE is currently trading at $0.0633, with a 24-hour trading volume of $370 million.
Musk’s involvement with Dogecoin continues to captivate the cryptocurrency community, and his influence on its price remains undeniable. While his latest post may not have caused a significant price surge, it serves as a reminder of the ongoing relationship between Musk and DOGE. As the “Dogefather” continues to make headlines with his tweets and actions, the market eagerly awaits his next move and its potential impact on Dogecoin.
Note: This article was written based on recent events and market trends. The information provided does not constitute financial advice. Cryptocurrency investments are subject to market risk, and readers should do their own research before making any investment decisions.
