Elon Musk just tweeted about DOGE, but this time the price dropped 5%

Elon Musk, CEO of Tesla Inc and Twitter, has once again shown he is a big fan of the world’s first and largest memecoin, Dogecoin (DOGE).

Elon Musk was spotted sitting near Fox News boss Rupert Murdoch during the weekend’s Super Bowl event. He wore a Dogecoin T-shirt at the event.

While pointing out the seating arrangement, celebrity media personality Genevieve Roch-Decter asked for more than $318,000 to guess what Musk and Murdoch might be talking about.

In his signature style, Elon Musk simply responded to the tweet by saying “Dogecoin.”

Without a doubt, Elon Musk is arguably Dogecoin’s most ardent supporter, and he doesn’t regret tweeting about memecoin to his more than 128.9 million followers on Twitter.

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It’s no secret that tweets like this one have a big impact on driving Dogecoin’s price up. This time, however, appears to be an exception. The digital coin is currently trading at $0.08, down 5 percent at press time.

Source: TradingView

Elon’s Dogecoin Proposal Plan

Since taking over Twitter as owner and CEO, Dogecoin has featured prominently in Elon Musk’s most ambitious plans for the social media platform.

Dogecoin is seen as one of the potential options as Musk seeks approval to introduce payments to Twitter. Dogecoin has seen little volatility since the start of the year, partly due to fewer tweets from Elon Musk.

Now that the billionaire investor has made Dogecoin his favorite digital currency, many community members expect the memecoin’s price to rise accordingly.

Critics say Musk’s unscrupulous behavior and aggressive promotion of the memecoin fueled a speculative bubble. Despite having no fundamental value, Musk insisted on calling Dogecoin “everyone’s cryptocurrency,” even raising the idea that it could eventually become a world currency.

Financial experts remain skeptical of such claims, warning against investing in untested assets.

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According to USA Today

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