Dogecoin Soars After Elon Musk Tweet


Dogecoin (DOGE) surged to a daily high of $0.07121 after Elon Musk mentioned “Doge” in one of his tweets today. The price of DOGE jumped from $0.069 to $0.07121 in seconds before quickly giving up some of the gains afterwards. This is not the first time the crypto markets have reacted to one of Musk’s tweets – the markets have a long history of responding quickly to his comments about cryptocurrencies in general and Dogecoin in particular.

Shiba Inu (SHIB) also experienced a spike in its price due to Musk’s tweet. When he unveiled an AI-focused company last week, tokens related to artificial intelligence soared.

Given Musk’s particular interest in Dogecoin, there is speculation in the cryptocurrency community that he could be a significant DOGE holder. His interest in Dogecoin came to the limelight when he appeared on “Saturday Night Live” in May 2021, which caused its price to surge to its all-time high of 73 cents.

Today’s tweet mentioning Doge came ahead of Tesla (TSLA)’s second-quarter earnings report, expected to be released later Wednesday afternoon. With his history of influencing the price of cryptocurrencies, investors are keeping a close eye on the report and will be watching to see if it has a similar effect.

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