In the ever-evolving landscape of cryptocurrencies, every utterance by Elon Musk carries the weight of a seismic event.
The latest instance comes in the form of a tweet from the tech mogul, proclaiming X, formerly Twitter, as a “dog & Doge friendly place!” in response to his mother, Maye Musk.
Beyond its apparent lightheartedness, this seemingly innocuous statement holds intriguing implications for the price trajectory of the beloved meme coin, Dogecoin (DOGE).
Musk’s potential to move crypto markets
Musk’s tweets have long demonstrated their capacity to sway cryptocurrency markets, particularly DOGE. The recent interaction underscores Musk’s continued fascination with the coin and his recognition of its underlying community appeal.
By integrating the playful element of his tweet, Musk leverages his immense influence to maintain DOGE’s relevance and further strengthen its connection with his followers, as crypto investors hope Musk will integrate Dogecoin as a payment method somehow on X.
Even before he purchased the site a year ago, Musk had a developing history of discussing the well-known memecoin on his X account.
The headline-making billionaire is known to have made remarks in the past, such as “Dogecoin is the people’s crypto,” and his firm, Tesla, has even accepted DOGE as a form of payment for certain ‘merch.’
Dogecoins price momentarily spiked from $0.062 to $0.064 after the news before retracing.
However, the leading meme coin still finds itself only marginally up 0.4% in the last 24 hours.
