Elon Musk doubled down on his Dogecoin support by hinting at a price tag of $1 for the popular meme coin through a cryptic tweet.
The price of Dogecoin jumped by 20% in minutes after another pro-tweet from Tesla’s CEO – Elon Musk. The billionaire posted a rather intriguing tweet that included a one-dollar bill and DOGE.
In his latest pro-DOGE initiative on social media, Musk posted a picture with a text reading “cyberviking.” In the background, though, there’s a slightly blurred one-dollar bill.
What’s more interesting in this particular case is Musk’s question above: “How much is that Doge in the window?”
The CEO of Tesla and SpaceX has been openly supportive of the Shiba Inu-inspired coin for a while. Being such an influential person with millions of followers, his words reached other celebrities, and the snowball effect started.
The mania reached retail investors, and some DOGE fans started a campaign “DOGE to $1.” With Musk’s words from today, it seems that he has joined that trend as well.
As it happened with previous interactions from the billionaire, Dogecoin’s price reacted immediately. It traded at $0.36 following the most recent market crash but spiked by about 20% to an intraday high of $0.42.
It’s worth noting that Dogecoin came around $0.25 away from reaching its target of $1 less than two weeks ago. At that point, DOGE even became the fourth-largest crypto by market cap and was close to overcoming BNB for the third spot.
Despite being down roughly 50% since the ATH in early May, DOGE is still well ahead year-to-date. The current price level of $0.4 means that Dogecoin has surged by over 6,500% since the start of 2021.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn