Elon Musk Shares ‘Dogecoin Is Money’ Meme, DOGE Shows Signs of Recovery
As the crypto market wide recovery is bringing capital to the market, Dogecoin has gained 15% in the last seven days.
Currently DOGE trades at 20 cents per doge token after crashing under the psychological level earlier this month.
Musk has shared a dogecoin theory that proclaims the memecoin isn’t a speculative asset but rather “dogecoin is money.”
“I’m trying to tell you dogecoin is money,” the meme, shared by Musk on Twitter, reads; a twist on a popular Matrix movie quote that asks whether dogecoin could make someone “a lot of money.”
Musk’s tweet briefly sent the dogecoin price over 20 cents per doge token on popular US-based crypto exchange Coinbase—which added dogecoin support just last month—but it quickly fell back, trading in line with today’s more-or-less flat bitcoin and cryptocurrency market.
After soaring to over 70 cents in May, riding a Musk and influencer-fueled rally, the dogecoin price has crashed almost 75%. However, dogecoin’s still up a staggering 6,000% on this time last year due to speculators piling into the Shiba Inu dog-based cryptocurrency.
This week, speaking during the Crypto Council for Innovation’s ₿ Word event, Musk elaborated on ideas that had previously been floated to upgrade dogecoin via ethereum to “max transaction rates and lower transaction costs.”
“There may be some merit in combining something like ethereum and dogecoin,” Musk said,
