Dogecoin (DOGE) Price Stirs to Life as Elon Musk Namechecks Meme Coin

Elon Musk is at it again. The controversial owner of X published a cryptic post on the social media platform, declaring, “X is a dog and Doge friendly place!”

  • The post is the latest installment in Musk’s highly publicized relationship with Dogecoin (DOGE).
  • He often calls himself the “Dogefather” and the “Dogecoin CEO,” with his actions and words helping to raise the meme coin’s profile in both pop culture and the financial world.
  • Often, Musk’s DOGE-related comments have caused the coin’s price to shoot up considerably.
  • In April of this year, before eventually changing Twitter’s name to X, the Tesla CEO surprised everyone by switching its blue bird logo for the Dogecoin Shiba Inu dog image.
  • This change caused the price of DOGE to go up by 30%, showing how sensitive the market is to what Musk does and says about the cryptocurrency.
  • However, following his latest post, DOGE prices have only moved slightly, gaining 0.6% in the hour preceding this writing and 0.9% over the last 24 hours.
DOGEUSD. Source: TradingView
  • The coin has had a relatively difficult period, losing 16.8% of its value over 30 days and 10.3% in the last seven days. After touching $0.0817 in late July, DOGE is now trading at $0.0633, with a 24-hour trading volume of $370 million.
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