Elon Musk’s tweet causes Dogecoin to pop

• At press time, Dogecoin (DOGE) was buying and selling at $0.07018 up 3.13% within the final 24 hours.
• Elon Musk immediately talked about “doges” in a tweet.
• Moreover Dogecoin, Musk’s tweet additionally brought about Shiba Inu to a each day excessive of  $0.00000784.

Effectively-known dog-themed meme coin Dogecoin (DOGE) immediately surged to a each day excessive of $0.07121 after Elon Musk talked about “Doge” in one in all his tweets immediately.

Musk’s submit brought about the value of DOGE to surge from $0.069 to $0.07121 in seconds earlier than rapidly giving up among the beneficial properties afterwards.

Doges ftw pic.twitter.com/bl0trQ7BdU

— Elon Musk (@elonmusk) July 19, 2023

Elon Musk’s historical past with meme cash

Moreover Dogecoin, Elon’s tweet additionally brought about the value of Shiba Inu (SHIB) to additionally pop.

This isn’t the primary time the crypto markets are reacting to Elon Musk’s tweets. The markets have a protracted historical past of responding rapidly to Elon Musk’s public feedback about cryptocurrencies on the whole and Dogecoin specifically.

When Musk unveiled an AI-focused firm final week to compete with ChatGPT, a widely known chatbot, it brought about tokens associated to synthetic intelligence to soar.

Given his explicit curiosity in DOGE, there may be hypothesis within the cryptocurrency neighborhood that Musk may very well be a big DOGE holder. Musk’s curiosity in DOGE got here to the limelight when he appeared on “Saturday Evening Stay” in Could 2021, and devoted a while to the meme coin inflicting its worth to surge to its all-time excessive worth of 73 cents.

Immediately’s tweet mentioning doge got here forward of Tesla (TSLA) second-quarter earnings report anticipated to be launched later Wednesday afternoon.