Dogecoin Leaps 13% Following Elon Musk’s Cryptic Tweet – Details

Christian Encila

Last Updated: July 30, 2023 11:01 am

3 mins read

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This time around, Elon Musk, the CEO of SpaceX and the world’s largest manufacturer of electric vehicles, Tesla, is creating a flurry of excitement around cryptocurrencies, maybe with a particular focus on Dogecoin, the well-known parody cryptocurrency.

The crypto community has taken note of Musk’s recent acts since they continue to demonstrate his influence in altering the market dynamics of digital currency.

The billionaire Musk, who is also the owner of the X app (formerly known as Twitter), posted on Sunday that “something special is coming soon.”

Elon Musk Tweet Does It Again

This tweet received a lot of positive feedback from the cryptocurrency community, especially from accounts with a Dogecoin theme.

Something special coming soon

— Elon Musk (@elonmusk) July 29, 2023

Based on Musk’s repeated references to this development in the past, many people, including the influencer David Gokhstein, anticipate that X will add DOGE – the largest meme coin – as a payment option.

This anticipation arises from the fact that Elon Musk has previously made a number of very quiet signals that a similar action may be planned.

Dogecoin (DOGE) saw a stunning price increase on Friday, garnering a lot of attention in the cryptocurrency community. On that particular day, DOGE’s price noticedably increased by over 10%, breaking past the $0.07 barrier mark.

Dogecoin Rising At $0.08

When this article was being written, DOGE was trading at $0.08, up 2.7% over the previous day. However, the meme coin really proved its worth on a weekly basis, rising in value by about 13% in response to Musk’s post.

Source: Coingecko

This positive momentum-driven upward rise in value led to a sizable increase in the market capitalisation of the asset. The cryptocurrency’s market cap increased as a result, rising by an estimated $1 billion to a new high of $10.66 billion from its previous value of $9.67 billion.

The reasons for this remarkable rise have been the subject of heated speculation among many members of the crypto community.

One of the more intriguing current theories is on the potential integration of DOGE, the disputed cryptocurrency, into the source code of Tesla’s website’s payment page.

DOGE market cap currently at $11.8 billion on the weekly chart: TradingView.com

Price Boom Soon?

As enthusiasts and investors alike anticipate the potential effects of such a development, this notion has been spreading. The mere possibility of DOGE becoming a payment option for Tesla has sparked curiosity and led to upbeat predictions for the cryptocurrency’s future.

If Elon Musk does truly integrate DOGE payments into his X app, Dogecoin will experience a solid increase in utility and acceptance, as well as a significant price boom.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Getty Images

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.