According to CryptoPotato: Elon Musk, the well-known entrepreneur, recently posted a cryptic message on social media, stating, "X is a dog and Doge friendly place!" This post is the latest in Musk's ongoing public association with Dogecoin (DOGE), often referring to himself as the "Dogefather" and the "Dogecoin CEO." His actions and statements have contributed to the meme coin's prominence in popular culture and the financial world.
Musk's comments related to DOGE have frequently resulted in significant price increases for the coin. In April, before changing Twitter's name to X, the Tesla CEO surprised everyone by replacing its blue bird logo with the Dogecoin Shiba Inu dog image. This alteration led to a 30% increase in DOGE's price, demonstrating the market's sensitivity to Musk's actions and statements regarding the cryptocurrency.
However, following his recent post, DOGE prices have only experienced minor fluctuations, gaining 0.6% in the hour before this report and 0.9% over the last 24 hours. The coin has faced a challenging period, losing 16.8% of its value over 30 days and 10.3% in the last week. After reaching $0.0817 in late July, DOGE is now trading at $0.0633, with a 24-hour trading volume of $370 million.
