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Elon Musk’s X, formerly known as Twitter, has shared a skeptic meme post on Wednesday related to Dog, sparking speculation among the crypto DOGE community.
However, there is no attached information to the post, but it is speculated that the social media platform is likely putting their focus on adopting Dogecoin.
The world’s richest person has tweeted and spoken in favour of Dogecoin a lot of times in the past few years, which has both surged and crashed the crypto token’s price multiple times.
In August, Elon Musk’s mother, Maye Musk also tweeted a picture of a dog, saying, “If you’re a dog, X is the place to be.” Soon, Elon Musk replied to the tweet, saying “X is a dog & Doge friendly place!.”
— X (@X) October 24, 2023
Elon Musk’s posts encouraging Dogecoins sparked enthusiasm amongst Dogecoin fans igniting Dogecoin Bulls, and it showed a notable growth.
In April, 2023, Musk’s X replaced the blue bird logo with an image of Shiba Inu, the digital coin’s logo. This led to a spike of over 30% in dogecoin.
In 2021, SpaceX announced that it would launch a satellite called DOGE-1. It was mentioned that the mission was fully paid for in Dogecoin, marking a significant step in the cryptocurrency’s adoption for real-world applications.
Earlier in December 2021, Tesla announced that it will accept Dogecoin for some merchandise after which the Dogecoin rose over 20%.
A month later in January 2022 when announced on Twitter that dogecoin payments were live, it jumped over 15%.
Elon Musk’s has a massive Twitter following enabling him to reach millions. Due to this reach, he created a buzz around Dogecoin leading to a surge in its value.
His tweets have also resulted in negative impact as it was seen that when he tweeted about selling his Dogecoin holdings it led to a drop in its value.