Value of DOGE Surges Following a Tweet by Elon Musk

It pays to have the world’s wealthiest man as a fan of your crypto. Dogecoin’s champion, Elon Musk, has again made the price of the meme-coin drastically increase. Following his Twitter acquisition, Musk tweeted the image of a Shiba Inu dog – Dogecoin’s mascot – wearing a shirt with Twitter’s logo on it. DOGE’s price then surged by about 120%, surpassing the $0.15 value for the first time since April this year. According to CoinMarketCap, it’s currently trading at $0.13.

While there is no official information yet available, what lead to the price surge are indications that DOGE could be used as means of payment on Twitter. In April, Musk suggested that Twitter users would be able to pay for Twitter’s subscription service, Twitter Blue, using DOGE. In addition, DOGE-payments are already integrated into two other Musk’s companies, Tesla and The Boring Company. At the moment, Dogecoin is the eighth biggest crypto by market cap, which is excellent for a meme-coin. However, with other use cases and Musk’s assistance, Dogecoin is now surpassing its meme roots.

This is certainly a change of pace for DOGE. In August, its value rose by 12%, then quickly dropped to just $0.06, and hasn’t moved much since the latest news. And even then, its increase in value was the result of traders erroneously associating it with the trending blockchain, Dogechain.

Elon Musk wasn’t entirely satisfied with Dogecoin in the past, though. More precisely, in May this year he was involved in a battle on social media with Dogecoin’s co-founder, Jackson Palmer, who accused him of being unable to run a simple Python code. Musk retaliated by tweeting, among other things, that a 12-year-old could write better code than Palmer. The clash continued in September, when Palmer called out Musk for allegedly wanting to launch a DOGE-themed space satellite for political reasons, and not out of genuine fondness for DOGE. Regardless of his intentions, however, Musk is still Dogecoin’s most prominent fan.