Elon Musk’s new tweet pumps Dogecoin (Doge) by 10%

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The latest Tweet by Dogecoin fan Elon Musk acted as a catalyst to pump the trade price of Dogecoin significantly.

Elon Musk is the richest personality in the world, he is mainly known for his innovative ideas. Musk is the owner of multiple high-tech companies. In 2020, Musk started to support Dogecoin  Cryptocurrency as the best crypto payment asset. 

On 24 May 2024, Elon Musk shared an image of a Dog with an angel giant gorilla. 

In a follow-up tweet, Musk said that “OG Doge has ascended to heaven to be with his friend Harambe” humorously combining internet memes, indicating that the original Doge meme dog has “passed away” and joined Harambe, the famous gorilla, in a meme afterlife.

Kabosu’s owner, Atsuko Sato, announced the news in a post on her official blog, expressing her deep gratitude for the love and support shown to her over the years.

Kabosu, the dog from the Doge meme, was in serious health trouble in 2022. However, her owner, Sato, said she passed away peacefully and without suffering. 

Following Elon Musk’s tweet, the trade price of Dogecoin increased rapidly.

The current trade price of Dogecoin is $0.164 & this trade price has been 3% higher over the last 24 hours. 

While following Musk’s tweet, the trade price of Dogecoin surged from $0.15 to $0.17 but later price retraced back to average price.

Elon Musk's new tweet pumps Dogecoin (Doge) by 10% 1

Dogecoin adoption & challenges 

The adoption has surged to a very great extent over the last 4 years under the influence of Tesla CEO Musk but at a practical level, the Dogecoin project team did nothing to show any innovative work. 

For example, the Dogecoin project team failed to show any partnership with another crypto project, or any kind of development related to Web3, Artificial intelligence (AI), etc. 

Read also: US Senator says ETH ETF approval underscores the need for Congress to pass a crypto framework