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It’s a well-known fact in the cryptocurrency sector that when Elon Musk tweets about Dogecoin, the value gets increased. And it once again occurred today.
Dogecoin’s Value Increased Following Elon Musk’s Tweet
The SpaceX and Tesla CEO responded, "*In Dogecoin," spotting yet another opportunity to bring up one of his favorite meme themes.
Musk, who has more than 61 million Twitter followers, has had tens of thousands of interactions in less than an hour, as of this writing.
This Has Occurred Several Times In The Past
The market reacted immediately to Musk’s tweet, as we’ve seen many times before, with DOGE’s price increasing by around 5% in less than an hour, according to CoinGecko.
The price of the main meme coin is now hovering at $0.25, and the coin is up 7% in the previous seven days, and roughly 25% in the last month.
Musk has long been a lover and supporter of Dogecoin and has frequently tweeted about it in the form of memes and jokes.
Musk is also collaborating with Dogecoin developers to upgrade the cryptocurrency and make it a more affordable and energy-efficient alternative to Bitcoin.
In May, the crypto market experienced a summer-long fall when Tesla stated that it would no longer deal in Bitcoin owing to the environmental effect of mining.