Elon Musk’s Dogecoin Tweet Drives DOGE Army Nuts With Excitement

Cover image via U.Today

Serial tech entrepreneur Elon Musk has published a Dogecoin-themed tweet, reacting to a post issued by Ideas Beyond Borders cofounder Melissa Chen about the original meme cryptocurrency.

Melissa Chen shared that she had found it extremely amusing to listen to serious journalists from the "Wall Street Journal" pronouncing "in their professional radio broadcasting voice" the word "DOGE" as part of a "serious news bit."

She admitted that part of her “cannot believe that it all started from a meme.” And then she referred to the recently formed D.O.G.E. agency, which stands for the U.S. Department of Government Efficiency: “A govt agency was memed into existence. Much wow.” Musk commented on this tweet, saying: “This is so awesome.”

The D.O.G.E. is spearheaded by big Dogecoin and meme fan Elon Musk and businessman Vivek Ramaswamy.

The Dogecoin community reacted with enthusiasm and support, posting positive tweets about DOGE and Musk: “Elon is the CEO of DOGE...DOGE is easy to pronounce.”

This is so awesome 😎 😂 https://t.co/QLixI9t1tC
— Elon Musk (@elonmusk) November 14, 2024

Elon Musk has been very supportive of Dogecoin over the past seven years. DOGE attracted his attention roughly when Bitcoin reached its first all-time high of $20,000 in 2017, and he began to frequently mention it (or Shiba Inu meme dog Kabosu) in his tweets.

This often resulted in a large impact on the Dogecoin price, pushing the asset upwards. Recently, Musk has stated that he does not intend to endorse any cryptocurrency unless it is done in the form of a joke or a meme.

DOGE, PEPE net best returns lately

A recently published report by on-chain data aggregator Santiment has revealed that over the past seven days, meme coins have brought traders the highest returns. In particular, this is true about such meme cryptocurrencies as Dogecoin, Pepe and Bonk.

DOGE has netted 96%, PEPE scooped up 97%, while BONK has seen 67% growth, leading the way for the rest of the meme coin market.

😹🐶 Meme coins have undoubtedly netted the best returns over the past week for traders with DOGE (+96%), PEPE (+97%), WIF (+67%), & BONK (+67%) leading the way.Historically high speculative asset social dominance typically indicates greed and emotional trading. Be cautious… pic.twitter.com/eya6ip8IMb
— Santiment (@santimentfeed) November 13, 2024

Curiously, a recent tweet published by the Litecoin X account says: “Due to current market conditions I now identify as a memecoin.”

On Thursday, LTC printed a massive green candle, soaring by almost 12% to hit $85, rising along with the rest of meme coins on the market. By now, however, the price has dropped back to $80, decreasing by 5.5%.

Hey fam, @litecoin now identify as a memecoin, so can we help them out making a few LTC memes to get them started? Some kind of chibi mascot I think 🤔 https://t.co/t8OiCPDNY6
— Dogecoin (@dogecoin) November 14, 2024