The Tesla CEO appeared to be back in the crypto space and spoke again about his favorite meme coin, Dogecoin. The billionaire businessman, who has been relatively calm for the past few weeks, showed his face again to cryptocurrency fans after updating his profile picture. After Elon Musk updated his Twitter picture to show that he still supports cryptocurrencies, DOGE rose more than 10%.
Musk’s new avatar is the one with DOGE reflections on his sunglasses, similar to the Bitcoin laser eye meme that became popular on Crypto Twitter in February. It didn’t take long before the DOGE community saw the updated profile picture and thus saw DOGE’s increase of almost 20%.
That single move by Tesla’s CEO saw the meme-coin price rise from $0.18 to over $0.203 overnight. However, the cryptocurrency has pulled back and is currently trading at $ 0.183.
Dogecoin is down more than 75% from the all-time high of $0.7376 in May. The sharp decline forced desperate investors to ask the billionaire to raise prices by posting positive news about the token, as he has done many times in the past.
Musk’s New Baby Doge
The Tesla boss kept a low profile until he was ready to do his thing earlier this month. On July 1st, Musk tweeted about one of the newest Dogecoin impersonators, Baby Doge, and within minutes, the price of this cryptocurrency rose 90%.
With Musk’s support, the newly launched meme coin is off to a great start. NASCAR, an American racing sanctions and operating company, even continued to put the Baby Doge logo on one of their cars.
The History of Dogecoin and Musk
For most of 2021, Musk was a staunch supporter of DOGE. The billionaire is said to have even brought Dogecoin to a record high this year. Before the live show on Saturday night, DOGE soared to an all-time high of $0.74.
However, the price of the token has fallen since then. Since its euphoria on television, DOGE has fallen by about 80%.