The CEO of Tesla and owner of Twitter has occasionally been known to jokingly discuss how much he enjoys memecoin.
After Musk’s post, the price of DOGE increased to $0.072 from $0.069 late Wednesday morning. The token rapidly gave up some of its gains but was still up approximately 2% over the previous 24 hours as of the time of publication, trading at a little under $0.070.
The price of Shiba inu coin (SHIB), the second-largest dog-themed cryptocurrency by market value after DOGE, rose briefly, but it has now mostly reversed that movement.
Markets have a lengthy history of responding fast to Elon Musk’s public comments about cryptocurrencies in general and dogecoin in particular. When Musk unveiled an AI-focused company last week to compete with ChatGPT, a well-known chatbot, news of the announcement caused tokens tied to artificial intelligence to soar.
Given his specific interest in DOGE, there is conjecture in the cryptocurrency community that Musk may be a significant DOGE holder. Notably, during his visit on “Saturday Night Live” in May 2021, when DOGE reached its all-time high price of 73 cents, according to CoinGecko, he devoted a section to it. Since then, the token has lost about 90% of its market value.
Interestingly, Musk made his remarks today before Tesla (TSLA) releases its second-quarter earnings report later on Wednesday afternoon. One year ago, the automaker disclosed the sale of some of its Bitcoin assets during its Q2 earnings release.