While the crypto market is still in a sideways movement after the recent dump, DOGE has made an attempt to show growth. This can be attributed to yet another tweet from Elon Musk. Let's take a look at what happened.
Reason behind DOGE’s surge
Elon Musk replied to his mother's tweet, stating that his X (formerly Twitter) is a place for dogs and DOGE.
This led to a small increase in DOGE’s price by 4% from $0.063 to $0.06546. However, the coin’s value quickly returned back to its earlier level prior to Musk’s tweet.
Why does it work like this
Elon Musk, a popular influencer in the crypto world, has himself invested in Bitcoin, Ethereum, and Dogecoin. Musk’s companies, SpaceX and Tesla, have also acquired BTC. Incidentally, rumours about SpaceX’s Bitcoin sale are to blame for the recent market sell-off.
This is far from the first time Musk pumps DOGE with his tweets. Nonetheless, after the purchase of Twitter, the attention to such posts, especially from the Dogecoin community, is particularly intense as many are waiting for the integration of the cryptocurrency into the social network. Moreover, Musk often refers to his social network X as an "Everything App". Apparently, it is only a matter of time and regulation before X implements cryptocurrencies.
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