Elon Musk, Tesla CEO and noted Dogecoin enthusiast, sparked fresh excitement among Dogecoin fans by sharing a playful meme on his X account.
The post features Musk and a Shiba Inu dog—Dogecoin’s iconic symbol—in a powerlifter pose, blending Musk’s characteristic humour with his support for the meme coin.
— Elon Musk (@elonmusk) October 28, 2024
The post quickly drew cheers from the “DOGE army,” though some Bitcoin loyalists seized the moment to promote BTC as a more serious investment.
Crypto analyst @Nebraskangooner commented on the lack of an immediate rally following Musk’s post, noting a slight dip in Dogecoin’s price, trading around $0.14236—a drop of about 2%. While Dogecoin enthusiasts voiced strong support for Musk, others like X user @TheBTCTherapist reiterated their preference for Bitcoin, posting “Bitcoin > Doge” to their 140,000 followers.
Dogecoin’s market value has significantly increased over the past twenty-four hours. The memecoin rose by more than 6.02% during this time and is now priced above $0.10, according to data from CoinMarketCap. This price growth, quite interestingly, comes on the back of a poor market performance in the last seven days.
Meanwhile, this isn’t Musk’s only recent interaction with the crypto world. During an event last week, Musk was asked about the potential for XRP Ledger adoption among financial institutions amidst SEC scrutiny. Musk, while not endorsing any specific asset, stated that cryptocurrency could serve as a “valuable bulwark against centralized control.” Ripple CEO Brad Garlinghouse later acknowledged the question, noting the growing public interest in XRP.
In other news, BabyDogeCoin, a cryptocurrency project related to the memecoin, recently announced its move to expand into children’s media with the launch of BabyDogeKids, a YouTube channel. The project’s team noted that the YouTube channel is the “first major step” to realizing their mission of ensuring BabyDoge’s relevance in the years to come.
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