Elon Musk has sent DOGE soaring after a cryptic tweet. Dogecoin is up by nearly 3% in the last 24 hours, trading at $0.085 at the time of writing. Musk has long supported Dogecoin, with the DOGE community optimistic that the tweet could signal good news ahead for the meme coin.
Elon Musk let the Doge out again
Elon Musk is once again behind a DOGE rally with a single tweet. The new Twitter owner published a tweet saying, “High time I confessed I let the Doge out.” In the last 24 hours, DOGE has gained from $0.083 to $0.087.
It appears that Musk is actively playing his role as the “DOGE father.” In recent weeks, he has posted several tweets referring to Dogecoin, and each has been met with gains for the meme coin.
Last week, Musk shared a tweet of a picture showing his pet dog named Floki wearing a black turtleneck and sitting behind a desk. In a caption to this image, Musk said that the new CEO of Twitter was amazing, which was enough to increase the price of DOGE-themed tokens.
“The new CEO of Twitter is amazing. So much better than that other guy!” Musk’s tweet read.
Elon Musk’s tweet could be good for crypto
Musk is one of the world’s top billionaires who have been extremely vocal about the cryptocurrency industry. In 2021, Musk was attributed to DOGE’s rally to an all-time high after promoting it during his appearance at Saturday Night Live.
As the new Twitter chief, Musk is looking to develop a payment system on the social media platform. A report by the Financial Times said that Musk wanted his developers to create this payment system so that crypto functionality would be added in the future.
For a long time, Twitter has hinted at bringing payments on the platform. However, there have been no elaborate plans on whether the payments would involve blockchain technology or integrate cryptocurrencies. In December, leaked images circulating on Twitter said that the platform would use “Twitter Coins” as a means of payment and tipping on the platform.
Nevertheless, the recent tweets being made by Musk around DOGE are teasing the community about the possibility of DOGE payments or some form of DOGE support being rolled out on the platform. Such integration could see the largest meme coin by trading volumes rally to record highs.
Besides DOGE integration, Musk could also integrate other cryptocurrencies, such as Bitcoin. Tesla already holds Bitcoin on its balance sheet. The company reported that it did not sell any Bitcoin during the fourth quarter of 2022. Therefore, if a similar addition is seen on Twitter’s financial records, it could trigger notable gains.
Nevertheless, Musk talking about Dogecoin and cryptocurrencies more frequently is a positive sign that a bull run could be on the way. The last time that Musk made numerous tweets about the crypto market was in 2021, and during the year, prices rallied to record highs.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.