Dogecoin (DOGE): A tweet from Elon Musk sets the Web on fire!

Elon Musk, the richest man in the world, is back at it again. On July 20, 2023, he declared Twitter to be a dog- and Dogecoin-friendly place. His seemingly harmless tweet could have major implications for the price of the Dogecoin crypto.

A tweet that rocks the DOGE price

In his tweet, Elon Musk uses the word “Doge” playfully, comparing it to dogs. This association could be a way for the Space X CEO to boost dogecoin’s appeal to cryptocurrency investors.

This seemingly trivial tweet has important implications for the price of dogecoin. Musk has a habit of using his tweets to influence cryptocurrency markets, and his recent outing is no exception.

As proof, the price of Dogecoin rose by 3% within minutes of Musk’s tweet, from $0.062 to $0.064. However, it then fell back and has risen by just 0.4% in the last 24 hours. Nevertheless, Musk’s statement was welcomed by supporters of the asset. They hope that Musk will continue to support the cryptocurrency and make it a more popular option.

Elon Musk continues to support Dogecoin

Twitter’s CEO is an ardent supporter of Dogecoin (DOGE), a crypto based on the Shiba Inu dog Internet meme. In fact, this isn’t his first tweet in favor of this digital asset. In 2021, he even declared it to be the “people’s crypto”. Tesla has already accepted tokens as a means of payment for certain products. On the other hand, if Musk integrates Dogecoin into Twitter, it could be a major boost for crypto. After all, it would enable Twitter users to send and receive DOGEs, making it a more convenient and accessible option.

Nevertheless, it’s still too early to say whether Elon Musk’s tweet will have a lasting impact on the price of Dogecoin (DOGE). However, it is a reminder of the influence he can have on crypto markets.