Dogecoin (DOGE) Spikes Following Elon Musk’s Dog Tweet

Following the confession tweet, Dogecoin’s price has reacted as it has in the past. Dogecoin formed a large green candle, which then consolidated and stabilized. DOGE is trading at $0.08674 at press time, with a 0.30% hike in price over the last 24 hours. It is, however, far from the previous single-digit and double-digit gains that followed Musk’s tweet.

The 24-hour trading volume has also spiked by 60%, according to CoinMarketCap data. This is likely due to the anticipation of a major price spike following Musk’s tweet.

The confession mentioned that it was he who let the dogs out. This is a follow-up confession to his recent tweet where he appointed his dog Floki as the new CEO of Twitter. Following the tweet, the prices of Dogecoin and Floki Inu skyrocketed. The major price fluctuation was visible in Floki, which rose above 100% following the tweet.

Dogecoin and Elon Musk have a longstanding relationship. The popularity of meme coins was also boosted by Musk, who has expressed that Dogecoin is one of his favorite cryptocurrencies. DOGE increased by more than 100% after Musk acquired Twitter in anticipation of the meme coin being integrated into Twitter. However, there haven’t been any updates from Musk regarding that. Such an action is likely to boost the price of Dogecoin.

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