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.

DOGE 1-day price chart. Source: CoinMarketCap

However, the leading meme coin still finds itself only marginally up 0.4% in the last 24 hours.

The post Elon Musk says X (Twitter) is a ‘DOGE friendly place’ appeared first on Finbold.

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Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.