LIVE#Write2earn #Musk 's Tweet Sparks #DOGE Surge, #Shiba Inu Eyes Top 10 #memecoins
Dogecoin (DOGE) experienced a price surge of over 4% following a recent tweet from Elon Musk, where he referenced a scene from the classic 1979 film “Monty Python’s Life of Brian.”
In his tweet, Musk humorously depicted mainstream media characters from the film struggling to maintain composure while reporting on Dogecoin's status among the top ten cryptocurrencies by market capitalization. This lighthearted nod to Dogecoin prompted a swift, albeit temporary, increase in its price.
Analyzing the Dogecoin market response reveals a volatile 24-hour trading period. The price faced resistance around $0.0165 before dipping and forming a support base near $0.0155. Despite a modest recovery, it failed to surpass the resistance again, indicating a consolidating market. Despite these fluctuations, DOGE maintains its position among the top ten crypto assets.
While the surge was short-lived, it underscored the significant influence of Musk, known for his impact on cryptocurrency markets. Since bringing Dogecoin into the spotlight in 2021 with multiple endorsements, Musk has remained a key figure in its market performance.
The meme coin reached its peak following Musk's appearance on “Saturday Night Live,” but has since settled into a lower, yet still considerable, market position. DOGE holds the eighth spot in terms of market capitalization, valued at $22.7 billion.
It's worth noting that Musk recently announced plans to introduce a small fee on his social media platform, X, for posting and liking to combat spam from bots. This has sparked speculation about the potential use of Dogecoin as a payment method for these services, although no confirmation has been provided.
On another front, Lucie, a content marketer within the Shiba Inu ecosystem, responded to Musk's tweet, suggesting the potential trajectory of Shiba Inu mirroring that of the top ten cryptocurrencies by market cap.
