• Elon Musk’s recent tweet caused the prices of Dogecoin (DOGE) and Shiba Inu (SHIB) to surge.
• This isn’t the first time Elon has sent crypto markets into a frenzy with his tweets.
• His reference to DOGE comes ahead of Tesla’s second-quarter earnings report.
Elon Musk’s Tweet Causes Dogecoin Surge
At press time, Dogecoin (DOGE) was trading at $0.07018 up 3.13% in the last 24 hours due to a tweet by Elon Musk today mentioning “doges”. Besides Dogecoin, Musk’s tweet also caused Shiba Inu to reach a daily high of $0.00000784. Doges ftw pic.twitter.com/bl0trQ7BdU — Elon Musk (@elonmusk) July 19, 2023
History With Meme Coins
Well-known dog-themed meme coin Dogecoin (DOGE) surged to its daily high after Elon’s tweet causing its price from $0.069 to $0.07121 before quickly giving up some of the gains afterwards .The crypto market has often responded quickly to any public comment made by Elon regarding cryptocurrencies in general and especially Dogecoin in particular when he unveiled an AI-focused company last week that compeated with ChatGPT, a well-known chatbot, it caused tokens related to Artificial intelligence soar in price . Also during his appearance on Saturday Night Live in May 2021 which saw him devote some time to dogecoin ,causing its price surge to its all-time high of 73 cents .
There have been speculations among the cryptocurrency community that Elon could be a significant DOGE holder due to his frequent tweets about it .His post come just ahead of Tesla (TSLA) second quarter earnings report expected later on Wednesday afternoon .
The prices for both DOGE and SHIB surged after elon’s mention however they eventually gave up some gains afterwards as seen below:
• DOGE – From $0.069 – $0.07121
• SHIB – From 0$ – 0$.00000784
It is clear that elon musk has had an influence on the crypto markets with his tweets often affecting their prices either positively or negatively depending on what is being said or discussed . It will be interesting ot see how much effect will Elons tweets have on Tesla’s second quarter earnings report later this week