Tech magnate Elon Musk has once again influenced the cryptocurrency market with a subtle reference to Dogecoin. On Monday, Musk tweeted about serving a fictional “D.O.G.E.” department, causing Dogecoin’s value to rise by 3.56%.
Dogecoin, which has a market cap of over $15 billion, saw its price climb to $0.11 following Musk’s post. The tweet quickly went viral, amassing 52 million views.
This incident reignites discussions about Musk’s sway over crypto markets. While some view his posts as harmless, others have raised concerns about potential market manipulation. Musk faces ongoing litigation from Dogecoin investors, though his legal team maintains his tweets are innocent expressions of support.
The event highlights the volatile nature of cryptocurrency markets and the significant impact high-profile individuals can have on digital asset values. As Musk breaks his recent silence on Dogecoin, market observers speculate whether this signals a return to more frequent cryptocurrency commentary from the influential entrepreneur.
Elon Musk Sparks Dogecoin Surge with Cryptic Tweet
