Dogecoin value surges when Elon Musk tweets about it


Dogecoin (DOGE) price is $0.07018 at press time, up 3.13 percent in the previous 24 hours.

Popular meme coin with a doggy design After Elon Musk’s “Doge” tweet today, Dogecoin (DOGE) soared to a new day high of $0.07121.

Following Musk’s tweet, the price of DOGE spiked from $0.069 to $0.07121 in a matter of seconds, before reversing course.

The cryptocurrency markets have responded to Elon Musk’s remarks before. Elon Musk’s public statements on cryptocurrencies in general and Dogecoin, in particular, have a history of prompt reactions from the markets.

In an effort to compete with ChatGPT, a popular chatbot, Musk revealed an AI-focused firm last week, sending tokens tied to AI skyrocketing.

Given his apparent fascination with Dogecoin, some in the cryptocurrency world have hypothesised that Musk has a sizable amount of DOGE. Musk’s attention to DOGE was first brought to light in May 2021, when he made an appearance on “Saturday Night Live” and spoke about the meme currency, driving its price to an all-time high of 73 cents.

The earnings report for Tesla (TSLA) for the second quarter is scheduled to be issued later on Wednesday afternoon, therefore today’s tweet referencing Doge occurred ahead of that.

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