Dogecoin (DOGE), the leading meme cryptocurrency, experienced a surge of over 4% in price following Elon Musk’s latest humorous post about it on Twitter.
Musk told a version of the well-known “Biggus Dickus” humor from the 1979 Monty Python movie, Monty Python’s Life of Brian.
A billionaire has likened the mainstream media to soldiers in a historical comedy, struggling not to chuckle as they report on the meme coin’s surge into the top 10 largest cryptocurrencies by market cap.
A price surge caused by Elon Musk’s influence on social media didn’t last long, suggesting his social media power may be waning.
The entrepreneur with a contentious reputation significantly contributed to Dogecoin gaining popularity and sparking a huge surge in value during 2021. Consequently, Dogecoin climbed to the fourth position among cryptocurrencies by market capitalization and reached an impressive valuation of over $85 billion. Nevertheless, the meme coin experienced a significant drop in value following Elon Musk’s performance on SNL in May 2021.
Although it has dropped over 78% from its maximum value and now holds a market capitalization of only $22.1 billion, it still ranks as the tenth largest cryptocurrency.
A new use case for Dogecoin?
Concurrently, Musk has announced that new users on X will need to pay a “modest charge” to have the ability to post, like, and save new content.
The entrepreneur claims that it is the only way of dealing with “the relentless onslaught of bots.”
Musk argues that contemporary AI technologies enable bots to circumvent regulations, making it challenging for him to handle them.
A number of Dogecoin users have proposed the idea of utilizing this cryptocurrency for remuneration when publishing content on social media platforms.
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2024-04-15 22:59