Elon Musk, the world’s richest billionaire, has once again demonstrated his ability to influence the cryptocurrency market with a simple meme. On April 15, 2024, Musk shared a new meme on social media, poking fun at the media’s coverage of Dogecoin (DOGE), a cryptocurrency that started as a joke but has now risen to become one of the top 10 digital assets by market capitalization.
TLDR
- Elon Musk, the world’s richest billionaire, shared a new meme on April 15, 2024, in support of Dogecoin (DOGE) cryptocurrency.
- The meme poked fun at the media having to report seriously on a “meme coin” like Dogecoin being among the top 10 cryptocurrencies.
- After Musk’s meme, Dogecoin’s trading price surged by around 8% within an hour before retracing.
- Musk has been a long-time supporter of Dogecoin, predicting in 2020 that it could become the best cryptocurrency for payments if crypto evolved into a mainstream financial market.
- Musk is known for subtly promoting Dogecoin through various creative tactics, like the “DogeDesigner” Twitter account updating metrics on Musk’s X platform without directly mentioning Dogecoin.
The meme depicted the media as soldiers in a comedic movie, hilariously struggling to maintain a serious demeanor while reporting on a “meme coin” that has unexpectedly climbed the ranks of the cryptocurrency market. This lighthearted jab at the media’s reaction to Dogecoin’s success was met with a swift response from the market, as the trading price of the cryptocurrency surged by a staggering 7.8% within an hour of Musk’s post.
— Elon Musk (@elonmusk) April 15, 2024
While the price retraced later, the incident once again highlighted Musk’s significant influence on the cryptocurrency market, particularly when it comes to Dogecoin. The billionaire entrepreneur has been a vocal supporter of the digital asset since 2020, when he predicted that Dogecoin could potentially become the best payment option in the future if the crypto world evolved into a mainstream financial market similar to the stock market.
Musk’s endorsement of Dogecoin is not just limited to occasional memes and tweets. At a public event just a month ago, he disclosed that some of his Tesla employees were urging him to speak about Dogecoin and even consider accepting it as a form of payment for Tesla products. This revelation further fueled speculation about the potential integration of Dogecoin into Musk’s business operations.
Crypto enthusiasts have taken note of Musk’s subtle yet effective promotion of Dogecoin through various creative tactics, often overlooked by the masses. One such example is the Twitter account DogeDesigner, which regularly highlights growth metrics of Musk’s X platform but seldom mentions Dogecoin directly. Their recent report detailed the increasing user base and engagement levels on the X platform without explicitly referencing Dogecoin – yet, their username subtly promotes the cryptocurrency.
#Dogecoin trade price $0.154 to $0.163 following #ElonMusk's meme tweet pic.twitter.com/aDdCEvaQm3
— Bitcoinik (@Bitcoinikdotcom) April 16, 2024
Musk’s support for Dogecoin is not without its critics, however. Some argue that his endorsement of a cryptocurrency that started as a joke undermines the credibility of the entire industry. Others question the sustainability of Dogecoin’s rise, given its lack of significant technological innovations or practical use cases compared to other cryptocurrencies.
Despite these criticisms, Musk’s influence on the market cannot be denied. His ability to move prices with a single meme or tweet has been well-documented, and his followers in the crypto community remain loyal and responsive to his actions.
