The Doge father himself, Elon Musk, has breathed new life into the Dogecoin price with a tweet, triggering a 4% spike. The Twitter CEO responded to a popular Dogecoin community member and once again sparked the “Musk effect” for the DOGE price.
Historically, just about every Dogecoin-related tweet from Musk triggers some increase in the price of DOGE. However, this spike is often short-lived, at least if the news does not have much significance.
Dogecoin Rises Due To Elon Musk Joke
Today’s tweet from Twitter CEO Musk probably belongs to this category of tweet. In a light-hearted tweet, Musk responded to Twitter user “DogeDesigner” (@cb_doge), who wants to visit the social media company’s headquarters when he travels to the United States in a month. He wrote:
Hey Chief Twit Elon Musk. I will be traveling to the US next month to witness the Starship Launch. Would love to visit the bird app headquarters too. I spoke with someone from the team & they said, I need your permission to visit.
Musk jokingly replied that this will cost 3 DOGE: “Ok, but it will cost 3 doge.” Among Dogecoin investors and traders, this may have once again fueled the rumor that Dogecoin will one day be accepted as a payment method on Twitter.
Ok, but it will cost 3 Doge
— Elon Musk (@elonmusk) March 23, 2023
However, there is no solid evidence for this at the moment. In recent months, it has become very quiet about a possible integration of cryptocurrencies like Dogecoin on Twitter. Even though Elon Musk drops a few Dogecoin tweets every now and then, a DOGE integration seems to be off the table at the moment.
Nevertheless, the price of the largest meme coin by market cap suddenly began to rise shortly after Elon Musk’s tweet. A temporal causality is undoubtedly present.
Musk responded to another tweet from “DogeDesigner” just a few hours earlier, writing, “$44 Billion was not the cost of Twitter. It was the cost of restoring free speech.” Musk responded with, “Some things are priceless.”
Otherwise, Musk has been making headlines lately for his comments on Federal Reserve (Fed) policy. In a pinned tweet, Musk writes that a big reason depositors are fleeing is that people are moving their money from low-interest savings accounts to high-interest money market accounts (Treasury bills).
Before yesterday’s Fed rate decision, Musk called for a 50 basis point rate cut to save “the melting banks.” He also expressed support for requiring the FDIC to temporarily insure all deposits above the current $250,000 cap to “stop bank runs.”
DOGE Price Looks Bearish
The DOGE price has increased by 4% in a short period of time, but the momentum has not been enough to break the strong resistance zone around $0.08. As long as DOGE trades below this mark, the meme coin is likely to see further consolidation or downside.
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