Dogecoin’s price rose this afternoon following an Elon Musk tweet about it.
This has happened many times in the past.
It’s a time-tested maxim in the cryptocurrency industry: when Elon Musk tweets about , the price usually goes up. And it happened again today.
On Friday afternoon, the popular UberFacts Twitter account—with more than 13 million followers—tweeted, “Elon Musk is predicted to become the world’s first trillionaire, thanks to SpaceX.”
Spotting yet another opportunity to interject one of his favorite meme topics, the SpaceX and Tesla CEO replied, “*In Dogecoin.” Musk, who has more than 61 million Twitter followers of his own, has racked up tens of thousands of interactions on the tweet in about an hour, as of this writing.
As we’ve seen many times in the past, the market reacted quickly to Musk’s tweet, with DOGE’s price jumping about 5% in less than an hour, per CoinGecko. Currently, the price of the leading meme coin is hovering above $0.25, and the coin is up 7% over the last seven days, and about 25% over the last month.
Musk is a longtime fan and proponent of Dogecoin, and has repeatedly tweeted about it through memes and jokes.
He’s called himself “The Dogefather” and even referenced DOGE on “Saturday Night Live” during his May hosting appearance. Musk even briefly planned to sell a Dogecoin-inspired NFT collectible, but ultimately changed his mind.
Musk is also working with the developers of Dogecoin to try to improve the cryptocurrency, and make it a cheaper and more energy-efficient alternative to Bitcoin.
The crypto market entered a summer-long slump in May soon after Tesla announced that it would stop transacting Bitcoin, due to the environmental impact of mining.