In recent weeks, prolific tech entrepreneur Elon Musk, as an avid supporter of Dogecoin, weighed in on a funny Dogecoin themed tweet from Melissa Chen, founder of Ideas Beyond Borders.
When Wall Street Journal journalists pronounce “DOGE” in a professional tone, Chen said she chuckled, as irony is a meme-turned crypto now being taken with great seriousness in the media.
A government agency was memed into existence, she noted, with the recent formation of the “D.O.G.E.” agency (the U.S. Department of Government Efficiency). Musk responded enthusiastically: ‘Oh, this is so awesome.’
Musk’s Long-Standing Affection for Dogecoin Since 2017
Musk leads the D.O.G.E. agency, a twee twist on Musk’s favourite crypto, alongside businessman Vivek Ramaswamy. The comment drew a deluge of support from Dogecoin’s fans, who dubbed Musk the “CEO of DOGE” while they celebrated the cryptocurrency’s jokey nature.
Musk has always had an affection for DOGE, something he admits going back to 2017, around the time Bitcoin hit its first ever all time high of $20,000. Since then, his tweets in reference to Dogecoin and its dog (Shiba Inu) mascot have oftentimes bumped up its price. But Musk took to Twitter to clarify he doesn’t really promote cryptocurrency formally.
Meme coins and Dogecoin (DOGE) in particular have performed excellently over the past week with DOGE up 96 percent, PEPE up 97 percent and BONK up 67 percent, according to on-chain data aggregator Santiment. The market is volatile, and there are proceeds from meme coins continuing to pop up.
In a little bit of an ironic twist, the Litecoin X account then announced that it ‘now identifies as a memecoin’ due to ‘current market conditions.’ Meme coin hype plays a role as Litecoin jumps 12%, climbing to $85 before falling back to $80.
Dogecoin’s continued life as an emblem of the blend of humor and financial speculation in the cryptocurrency world continues to exist under Musk’s playful endorsement.
