Elon Musk’s tweet causes Dogecoin to pop

• At press time, Dogecoin (DOGE) was trading at $0.07018 up 3.13% in the last 24 hours.
• Elon Musk today mentioned “doges” in a tweet.
• Besides Dogecoin, Musk’s tweet also affected Shiba Inu.

Well-known dog-themed meme coin Dogecoin (DOGE) today surged to a daily high of $0.07121 after Elon Musk mentioned “Doge” in one of his tweets today.

Musk’s post caused the price of DOGE to surge from $0.069 to $0.07121 in seconds before quickly giving up some of the gains afterwards.

Doges ftw pic.twitter.com/bl0trQ7BdU

— Elon Musk (@elonmusk) July 19, 2023

Elon Musk’s history with meme coins

Besides Dogecoin, Elon’s tweet also caused the price of Shiba Inu (SHIB) to also pop.

This is not the first time the crypto markets are reacting to Elon Musk’s tweets. The markets have a long history of responding quickly to Elon Musk’s public comments about cryptocurrencies in general and Dogecoin in particular.

When Musk unveiled an AI-focused company last week to compete with ChatGPT, a well-known chatbot, it caused tokens related to artificial intelligence to soar.

Given his particular interest in DOGE, there is speculation in the cryptocurrency community that Musk could be a significant DOGE holder. Musk’s interest in DOGE came to the limelight when he appeared on “Saturday Night Live” in May 2021, and devoted some time to the meme coin causing its price to surge to its all-time high price of 73 cents.

Today’s tweet mentioning doge came ahead of Tesla (TSLA) second-quarter earnings report expected to be released later Wednesday afternoon.