Tech entrepreneur Elon Musk posted a Dogecoin-themed tweet, responding to Ideas Beyond Borders co-founder Melissa Chen's post about the original meme cryptocurrency.
Elon Musk's DOGE Retweet Delights Cryptocurrency Community
Melissa Chen shared that she found it extremely funny to hear serious journalists from the "Wall Street Journal" pronounce the word "DOGE" "in a professional radio voice" as part of "serious news".
She admitted that part of her “can’t believe it all started with a meme.” And then she mentioned the newly formed DOGE agency, which stands for the United States Department of Government Efficiency: “A government agency memeified into reality. It’s awesome.” Musk commented on the tweet, saying: “It’s awesome.”
DOGE was spearheaded by Dogecoin and meme fan Elon Musk and entrepreneur Vivek Ramaswamy. The Dogecoin community responded with enthusiasm and support, tweeting positively about DOGE and Musk: “Elon is the CEO of DOGE…DOGE is easy to pronounce.”
Elon Musk has been a big supporter of Dogecoin for the past seven years. DOGE caught his attention when Bitcoin hit its first all-time high of $20,000 in 2017, and he began regularly mentioning it (or the Shiba Inu meme dog Kabosu) in his tweets.
This often results in a large impact on the price of Dogecoin, pushing the asset up. Musk recently stated that he has no intention of endorsing any cryptocurrency unless it is done as a joke or meme.
DOGE, PEPE Have The Best Recent Returns
A newly released report by on-chain data aggregator Santiment has revealed that over the past seven days, meme coins have provided traders with the highest returns. This is especially true for meme cryptocurrencies such as Dogecoin, Pepe, and Bonk. DOGE has seen a 96% gain, PEPE has seen a 97% gain, while BONK has seen a 67% gain, leading the rest of the meme cryptocurrency market.
Curiously, a recent tweet posted by the Litecoin X account read: “Due to current market conditions, I now identify myself as a memecoin.” On Thursday, LTC printed a massive green candle, soaring nearly 12% to $85, rising alongside other meme coins in the market. However, the price has since fallen back to $80, down 5.5%.
