Elon Musk's DOGE Boost and Cage Fight Speculation Stir Crypto Market


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Elon Musk, the idiosyncratic technology billionaire and CEO of Twitter, once again exerted his influence on the price of his favored cryptocurrency, Dogecoin. Since Musk's announcement on Friday that there is a possibility of a cage fight between him and Mark Zuckerberg at the Colosseum, DOGE has experienced positive trading activity.

Is the "Elon Musk effect" once again responsible for the rise in DOGE price?

On Friday, DOGE witnessed a surge of over 4% in its value. Presently, Dogecoin is being traded at $0.06808. Earlier today, DOGE experienced a notable increase of 5.76%; however, the price has since begun to decline. In response to a tweet from a user known as "DogeDesigner" – a UX/UI & Graphic Designer associated with Dogecoin, as indicated in their Twitter bio – Musk tweeted "Dogs rock" along with a meme featuring a puppy.

https://twitter.com/cb_doge/status/1674946656452722691

A few years ago, Musk's tweets had the ability to significantly impact the price of DOGE, which led to the coining of a specific term in the media: "The Elon Musk effect." This effect extended beyond DOGE and also influenced the price of Bitcoin in 2021 when Tesla briefly accepted BTC as a payment option. During that period, various legal professionals and market experts accused Musk of market manipulation, encompassing both cryptocurrency and stock markets. Musk responded to these accusations by deeming them as "peak hypocrisy."

Nonetheless, over the past couple of years, this effect appears to have waned, resulting in minimal impact on cryptocurrency prices.

Regarding the proposed cage fight against Zuckerberg, Musk tweeted earlier this week about his training session with Lex Fridman, a renowned podcaster, AI researcher, and martial arts expert. Fridman praised Musk's strength, power, and skill in both standing and ground combat. While he finds the idea of Musk and Zuckerberg engaging in martial arts inspiring, Fridman expressed a preference for them to solely study martial arts and abstain from sparring against each other.


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This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.