Dogecoin (DOGE) Price Surges 8% Following Elon Musk’s Tweet

  • Musk said he would immediately incorporate features like Dogecoin tipping.
  • The acceptance of DOGE as payment for premium services like Twitter Blue is on cards.

Bitcoin and Ethereum have both lost 30% in the last week, while the total value of the crypto market has fallen to $830 billion. Elon Musk, on the other hand, said he would continue to promote Dogecoin. Doge’s share price rose by 8 percent to $0.058 due to this news.

In May of last year, when Musk hosted “Saturday Night Live,” Dogecoin was mentioned in his opening monologue, and on Weekend Update, Dogecoin was trading for 72 cents.

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Strong Bond With Dogecoin

Since Musk tweeted, “Dogecoin may be my fav cryptocurrency,” in April 2019, he has been the most prominent supporter of Dogecoin. Every time Tesla CEO Elon Musk tweeted about Dogecoin in 2020 and 2021, Google searches for the meme currency surged. Developers at Dogecoin were said to have gotten in touch with Elon Musk concerning code improvements in May 2021.

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As of late, Musk and Mark Cuban have promoted the usage of DOGE as a payment method, turning the joke currency into something more useful. Furthermore, Musk has consistently said that if he were to acquire Twitter, he would immediately incorporate features like Dogecoin tipping (Twitter now only allows tipping in Bitcoin) and the acceptance of DOGE as payment for premium services like Twitter Blue.

As of this writing, DOGE is struggling, which makes it difficult to see how it might return to 72 cents, but if Musk continues pushing it, anything is conceivable.

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According to Bloomberg, Musk and his firms are being sued on claims that they are involved in a Dogecoin cryptocurrency racket. Keith Johnson, who says that Musk, SpaceX, and Tesla were all part of a large-scale pyramid scam aimed to control the price of Dogecoin while persuading people online that the cryptocurrency was a real and solid investment, has launched a potentially pricey lawsuit.

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