On Monday, the value of Dogecoin (DOGE) began to ascend significantly, signaling an abrupt market surge for meme-based cryptocurrencies.
An arbitrary decision by Elon Musk to replace a Twitter icon on the user dashboard with a Dogecoin icon is primarily responsible for the price increase.
Consequently, DOGE increased by more than 22% at the time of writing, with the price of the cryptocurrency rising from $0.077 to $0.097 in minutes.
Approximately $1.7 billion has been injected into Dogecoin’s market capitalization in a very brief period, driving it to $12.76 billion, its greatest level since December 2022.
Musk’s interest in Dogecoin dates back to early 2021 when he tweeted about the cryptocurrency. He initially tweeted “Doge” and posted an image with the Dogecoin logo, which caused a 50% increase in the value of the cryptocurrency.
Since then, Musk has been a vocal proponent of Dogecoin, calling himself the “Dogefather” and tweeting frequently about the cryptocurrency. During his appearance on Saturday Night Live in May 2021, he even mentioned Dogecoin, causing the value of the cryptocurrency to plummet.
Musk has maintained his interest in Dogecoin despite its volatility, stating that he believes it has the potential to become the internet’s currency and even implying that SpaceX may accept Dogecoin as payment for its services.
Some have speculated that Musk’s interest in Dogecoin is a jest or an attempt to mock the cryptocurrency market. However, Musk has stated that he genuinely believes in Dogecoin’s potential, particularly as a peer-to-peer transaction facilitator.
He has also emphasized the community aspect of Dogecoin, which he views as a positive factor in promoting inclusiveness and joy in the world of cryptocurrencies. Others view Musk’s interest in Dogecoin as an indication of his unconventional and forward-thinking approach to business and innovation, whereas some critics view it as a diversion from his more serious efforts.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.