Dogecoin, one of the top meme coins in the cryptocurrency market, has experienced a significant rise in price thanks to “dogefather,” Elon Musk’s response to a dog-themed tweet.
Elon Musk is at it again
Elon Musk, known for his interest in cryptocurrencies and meme culture, recently took to Twitter to respond to a dog-themed tweet posted by user @EPavlic.
In the tweet, @EPavlic shared a short video of her dog, praising its remarkable hair. Musk’s response, in the form of a dog-themed meme, caught the attention of the cryptocurrency community and sparked a surge in the price of dogecoin (DOGE).
The impact of influential figures on meme coins cannot be underestimated. Elon Musk’s tweets and public statements have often influenced the cryptocurrency market, including dogecoin.
As one of the most vocal supporters of dogecoin, Musk’s involvement has once again impacted the price of DOGE positively.
Dogecoin’s price analysis and the rise of meme coins
As recently reported by crypto.news, dogecoin’s new-found bullish momentum is being fueled by the excitement surrounding the DRC20 token standard, which has brought renewed attention to the meme coin.
As dogecoin regained momentum, it encountered a notable resistance level at $0.0783, which previously acted as a support zone throughout April.
The cryptocurrency market is witnessing the rise of several popular meme coins alongside DOGE this year.
Meme coins like shiba inu, pepe, floki, and others, are attracting attention due to their strong community support. These coins capitalized on the power of social media and memes to attract a broader audience.