Dogecoin (DOGE) Price Stirs to Life as Elon Musk Namechecks Meme Coin

Elon Musk is at it again. The controversial owner of X published a cryptic post on the social media platform, declaring, “X is a dog and Doge friendly place!”

X is a dog & Doge friendly place!

— Elon Musk (@elonmusk) August 23, 2023

• The post is the latest installment in Musk’s highly publicized relationship with Dogecoin (DOGE).
• He often calls himself the “Dogefather” and the “Dogecoin CEO,” with his actions and words helping to raise the meme coin’s profile in both pop culture and the financial world.
• Often, Musk’s DOGE-related comments have caused the coin’s price to shoot up considerably.
• In April of this year, before eventually changing Twitter’s name to X, the Tesla CEO surprised everyone by switching its blue bird logo for the Dogecoin Shiba Inu dog image.
• This change caused the price of DOGE to go up by 30%, showing how sensitive the market is to what Musk does and says about the cryptocurrency.
• However, following his latest post, DOGE prices have only moved slightly, gaining 0.6% in the hour preceding this writing and 0.9% over the last 24 hours.

DOGEUSD. Source: TradingView* The coin has had a relatively difficult period, losing 16.8% of its value over 30 days and 10.3% in the last seven days. After touching $0.0817 in late July, DOGE is now trading at $0.0633, with a 24-hour trading volume of $370 million.