Elon Musk sees the future of the „Dogecoin Standard“, DOGE price rises 14

Elon Musk, the CEO of Tesla and SpaceX, posted a sarcastic tweet about the Dogecoin (DOGE) cryptomoney meme. This is not the first time Musk has trolled the crypto and Bitcoin (BTC) communities with humorous comments.

He tweeted „it’s inevitable,“ with an image that shows the „dogecoin standard“ dwarfing the global financial system.

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Elon Musk tweets a meme from Dogecoin. Responding to a sarcastic tweet asking Musk about the loss of Bitcoin, Musk wrote:

„Excuse me, I only sell Doge!“

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After Musk’s viral tweet, the price of Dogecoin increased from USD 0.003052 to USD 0.003433, by about 14%. It is not certain whether DOGE went up as a result of the Musk tweet. Unlike the major crypt currencies, DOGE has relatively low liquidity, which makes it vulnerable to pump & dump in the short term.

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In the last few weeks, a viral sensation from TikTok raised the price of Dogecoin. CoinMarketCap data shows that Dogecoin increased from USD 0.0023 to USD 0.005 in just three days from July 6 to July 9 as a result.

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Musk’s tweet seems to be in reference to Dogecoin’s sudden rise in popularity in the mainstream. The unexpected spark of interest in cryptomontage in TikTok gained significant media coverage.

Over the past year, since Musk declared Dogecoin to be his favorite crypto currency, he has continually tweeted about crypto currencies.

Musk said in April 2019:

„Dogecoin could be my favorite cryptomonkey. It’s cool.“

In mid-2019, Musk won a poll to become a self-proclaimed CEO of meme-inspired cryptomoney. That only prompted Musk to write even more sarcastic jokes about cryptomoney.

In May, in response to J.K. Rowling’s tweet about Bitcoin, Musk wrote:

„Sort of, although the massive issuance of currency by the government central banks is making the Internet money, Bitcoin, seem solid in comparison.“

He added:

„I still have 0.25 Bitcoins by the way.“