The price of Dogecoin (DOGE) experienced a notable increase of more than 4% following a recent tweet from entrepreneur Elon Musk, in which he made a humorous reference to the film “Monty Python’s Life of Brian”. Musk depicted the mainstream media as characters from the film who struggled to maintain a serious demeanor while reporting on Dogecoin’s position as one of the top ten cryptocurrencies by market capitalization. This lighthearted nod from Musk resulted in a brief but significant surge in Dogecoin’s price.
The daily chart for Dogecoin reveals a volatile 24-hour trading period, with the price encountering resistance at around $0.0165 before dropping and finding support at approximately $0.0155. Although there was a modest recovery, the price failed to break through the resistance once again, indicating a consolidating market. Despite these fluctuations, DOGE remains one of the top ten crypto assets.
This temporary surge in price highlighted the impact that Musk, the Chief Technology Officer of X, has on cryptocurrency markets. Since bringing Dogecoin into the spotlight with multiple endorsements in 2021, Musk has remained a key figure in its market performance. The meme coin reached its peak following Musk’s appearance on “Saturday Night Live” but has since settled into a lower, yet still strong, market position. It currently holds the eighth spot in terms of market capitalization, with a value of $22.7 billion.
It is worth noting that Musk recently announced plans to introduce a small fee for posting and liking on his social media platform, X, in order to combat spam from bots. This has led to speculation that Dogecoin may be accepted as a form of payment for these services, although this has not been confirmed.
Meanwhile, Lucie, a content marketer in the Shiba Inu ecosystem, responded to Musk’s tweet, suggesting that Shiba Inu has the potential to follow a similar trajectory as the top ten cryptocurrencies by market cap. At present, SHIB has a market capitalization of $12.8 billion, with a trading value of $0.00002177. Shiba Inu briefly entered the top ten list last month when its value surged to $0.000045, surpassing Avalanche. However, it now sits in 12th place, below Avalanche.
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