Elon Musk, the well-known tech entrepreneur, recently thrilled the Dogecoin community by responding to a tweet related to Dogecoin (DOGE). Musk replied to a post from Melissa Chen, the co-founder of Ideas Beyond Borders, who shared her amusement at hearing journalists from the Wall Street Journal pronounce “DOGE” in a formal tone.
She reflected on how incredible it felt that DOGE, initially a meme cryptocurrency, has evolved into a serious topic for the media. In her tweet, Chen also referenced the recently formed “D.O.G.E.,” a mock U.S. government agency acronym for the Department of Government Efficiency, humorously adding, “A govt agency was memed into existence. Much wow.” Musk reacted to this, saying: “This is so awesome.”
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DOGE Community Rallies Behind Musk
The Dogecoin community responded enthusiastically to Musk’s tweet, flooding social media with supportive messages. Fans lauded Musk’s involvement, with some calling him the “CEO of DOGE” and pointing out how easy “DOGE” is to pronounce. Musk’s admiration for Dogecoin has been notable over the years, with him frequently mentioning DOGE and the Shiba Inu dog, Kabosu, on Twitter since 2017.
His tweets have consistently influenced DOGE prices, sparking spikes in value. While Musk has remained clear that he does not officially endorse any cryptocurrency, he has expressed support for DOGE as a humorous or meme-based project. His support has amplified the popularity of meme coins, with Dogecoin maintaining a strong following.
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Recently, on-chain data from Santiment showed that meme coins, including Dogecoin, Pepe, and Bonk, have generated significant returns. Over the past week, Dogecoin returned 96% to investors, while Pepe and Bonk saw 97% and 67% increases, respectively.
Meme Coins Gain Traction in the Market
Alongside Dogecoin, other cryptocurrencies are also embracing the meme trend. Litecoin’s official account recently posted, “Due to current market conditions, I now identify as a memecoin.”
This tweet appeared alongside Litecoin’s price surge of nearly 12% to $85 on Thursday, although it later settled back to $80.
With these trends, DOGE and other meme-based coins continue to gain traction and generate investor enthusiasm, proving the enduring impact of memes on the cryptocurrency market.
