Elon Musk’s playful antics on social media have stirred the crypto universe yet again. The Tesla and SpaceX CEO, and now the Twitter owner, updated his Twitter location to ‘X Ð’, a mystifying blend of Twitter’s new logo and the symbol for Dogecoin.
Dogecoin And Musk’s Magic Touch
Dogecoin, the market’s leading meme coin, has seen a significant uptick following Musk’s recent changes on Twitter. The fun-loving cryptocurrency, inspired by a popular internet meme, saw its price surge by 2.76% in 24 hours to trade at $0.074, at the time of writing.
The digital token’s lively community seems to have found renewed enthusiasm, continuing to secure its position as the top meme coin in terms of market capitalization. This week, Dogecoin escalated to the eighth position among all cryptocurrencies, bolstering its market value by over $1 billion.
Musk’s Love for the Meme Coin
During the Wall Street Journal CEO Council Summit in Q2 2023, Musk couldn’t hide his fondness for Dogecoin, dubbing it his favorite cryptocurrency. He stated that it wasn’t just the coin’s potential in the crypto space that intrigued him, but also its whimsical character.
However, Musk clarified that he isn’t in the business of dispensing financial advice, particularly about investments in cryptocurrencies. While he might find the humor in Dogecoin irresistible, he underscored that making investment decisions should not be taken lightly.
Dogecoin’s Bullish Performance
As of July 24, Dogecoin’s market value stands at an impressive $16.29 billion, a leap from $15.54 billion just a month prior on June 22. This reflects an increase of over $759 million, translating to a 4.82% gain against the U.S. dollar for the top meme coin economy.
The last 30 days have seen Dogecoin surge by nearly 10%, including a 1.3% rise against the U.S. dollar in the previous week alone. With the currency’s future looking bright, it’s clear that Musk’s Twitter antics continue to generate waves in the crypto community, keeping Dogecoin at the forefront of the crypto conversation.
