Dogecoin (DOGE) Price Stirs to Life as Elon Musk Namechecks Meme Coin

Elon Musk is at it again. The controversial owner of X published a cryptic post on the social media platform, declaring, “X is a dog and Doge friendly place!”

X is a dog & Doge friendly place!

— Elon Musk (@elonmusk) August 23, 2023

The post is the latest installment in Musk’s highly publicized relationship with Dogecoin (DOGE).
He often calls himself the “Dogefather” and the “Dogecoin CEO,” with his actions and words helping to raise the meme coin’s profile in both pop culture and the financial world.
Often, Musk’s DOGE-related comments have caused the coin’s price to shoot up considerably.
In April of this year, before eventually changing Twitter’s name to X, the Tesla CEO surprised everyone by switching its blue bird logo for the Dogecoin Shiba Inu dog image.
This change caused the price of DOGE to go up by 30%, showing how sensitive the market is to what Musk does and says about the cryptocurrency.
However, following his latest post, DOGE prices have only moved slightly, gaining 0.6% in the hour preceding this writing and 0.9% over the last 24 hours.

The coin has had a relatively difficult period, losing 16.8% of its value over 30 days and 10.3% in the last seven days. After touching $0.0817 in late July, DOGE is now trading at $0.0633, with a 24-hour trading volume of $370 million.