The price of popular cryptocurrency Dogecoin (DOGE) has risen 4% following a new tweet by Elon Musk.
Dogecoin’s price jumped to $0.072 U.S. from $0.069 U.S. after Musk, who owns Twitter and electric vehicle maker Tesla (TSLA), posted a tweet about Dogecoin featuring Scooby-Doo.
Shiba Inu (SHIB), another dog-themed cryptocurrency, also saw its price rise briefly after Musk issued his Scooby-Doo tweet.
Musk has a history of making public comments about Dogecoin, and even tried to rally crypto investors to push the price of the digital token to $1 U.S.
Dogecoin’s price peaked at an all-time high of $0.73 U.S. in May 2021, spurred, in large part, by Musk’s online comments about the cryptocurrency.
The token has lost about 90% of its market value since the spring of 2021.
Crypto markets tend to be sensitive to Musk’s comments. In recent days, artificial intelligence (A.I.) tokens surged on news that Musk is launching a new A.I. company.
There is speculation in cryptocurrency circles and online message boards that Musk is secretly a large holder of Dogecoin given his interest in the token.
Musk himself has not disclosed any Dogecoin holdings.
Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a joke. The two engineers have said they created Dogecoin to make fun of the wild speculation in cryptocurrencies.
Unlike other cryptocurrencies, Dogecoin has no purpose or practical utility.
