The price of Dogecoin (DOGE) surged more than 8% in the past 24 hours after receiving momentum from avid fan Elon Musk.
Musk retweeted a video tweet related to the new Logo X on Twitter shared by DogeDesigner.
Earlier, the Twitter boss said he wanted to remove the bird icon on Twitter and replace it with an “X”.
Dogecoin (DOGE) received great motivation from Twitter boss Elon Musk to increase sharply by 8% while the whole market was quiet.
DOGE at the time of writing is up 8.12% over the past 24 hours, trading for $0.081. And in the past week, it has gained almost 17%, making it one of the best performing coins.
24h DOGE price chart. Source: CoinMarketCap
The impetus for DOGE to surge while the significant tokens of the market were sleeping came from familiar fan Elon Musk when he tweeted an ad for the social networking sites new logo, originally shared by DogeDesigner.
A few days earlier, Twitter owner Elon Musk said he wanted to get rid of the bird icon on Twitter and replace it with an “X” while emphasizing that this should have been done long ago. Since Musk bought Twitter in October 2022, the company has changed its business name to X Corp.
The short-term increase of DOGE is familiar to the community when there is a move from billionaire Elon Musk. That is why he is also fondly called the second father of Dogecoin.
In 2013, Jackson Palmer and Billy Markus created Dogecoin as a joke to mock the cryptocurrency craze at that time. Eight years later, when he saw the price of Dogecoin continuously being manipulated, Jackson Palmer took to Twitter to warn crypto players about the current state of the market. Co-founder Billy Markus also admits “his views are quite reasonable”.
However, this memecoin did not fail, Musk started pumping coins on Twitter in 2020 by posting memes, increasing in value and gaining many followers. His electric car company Tesla also accepts cryptocurrencies. Tesla has never disclosed whether its customers have used Dogecoin or, if so, how much it received. But Musks relationship with the meme coin has attracted some negative attention.