LAB51 logo

Elon Musk's Tweets Boost Dogecoin

Dogecoin Elon Musk Twitter X
By Nicolo Finazzi
Nicolo Finazzi

2 Min

July 27, 2023
  • Dogecoin experiences a 9% surge following enigmatic tweets from Elon Musk.
  • The meme-based cryptocurrency is now the eighth largest digital asset with $11.2 billion.
  • Tesla already accepts Dogecoin, and there are rumours about integrating it into X.

Dogecoin, the cryptocurrency originally created as a joke in 2013, has seen a remarkable surge in value. DOGE has gained over 9% on Tuesday, reaching a trading price of $0.08. In the past week, it has risen by 20%, solidifying its position as one of the best-performing coins in the market.

Elon Musk, the CEO of X (formerly Twitter) and a prominent figure in the tech world, has played a significant role in driving Dogecoin's popularity. His tweets and memes related to the cryptocurrency have resulted in a cult following and boosted its value. Musk has been known to post about DOGE since 2020 and even incorporated the Dogecoin symbol into his Twitter bio.

This time, Elon has posted a video of the new logo for X, which appear to be designed by DogeDesigner. This is probably one of the main cause of the surge in price.

The Future of Dogecoin

Despite its origins as a joke, Dogecoin has become the eighth-largest digital asset with a market cap of $11.2 billion. Tesla, the electric car company led by Musk, already accepts Dogecoin as a payment. Additionally, rumours have circulated about the possibility of integrating Dogecoin into social media platforms (X in this case) for user payments. Nothing is official yet.

Developers behind DOGE have been working with Musk to explore the cryptocurrency's potential as a cheaper and greener alternative to Bitcoin. Also, Musk and billionaire investor Mark Cuban have expressed interest in the coin becoming a serious cryptocurrency for transactions. The future of Dogecoin seems bright.

To know more about these topics, read the following articles: