This surge in price is an indication that many investors buy into the idea of the meme coin having some real-life utility. Following the tweet, the digital coin soared up to 40% compared to Monday’s price level at 5 pm ET. Tuesday was a good day for plenty of dogecoin holders as Elon took to Twitter to announce that his company will accept dodge once again. An example of such influence is what transpired on Tuesday. Elon Musk, the wealthiest man in the world, actively supports the doge token and commands great influence on the digital coin. No investors in the early years would have believed DoGE would become mainstream and valuable like it is today. The symbol of DOGE is the Shiba Inu dog and became the face of the meme coin. However, Dogecoin went mainstream and became more of an altcoin to major coins like Ethereum and Bitcoin. It was initially created as a joke digital coin to make fun of the crypto market silliness. Doge was designed to be a friendly introduction to the crypto sphere. What is Dogecoin?ĭogecoin is a digital coin that was created in 2013. Since he made that tweet, dogecoin’s price had gone on the rise. In the tweet, he announced that Tesla, his automobile company, would accept dogecoin as a payment method for some of its products. But on Tuesday, 14th of December, 2021, Elon made a tweet supporting the digital coin once again. Some months back, Elon Musk had earlier cut ties with the digital coin which caused a plunge in its value. This was displayed once again on Tuesday when the market price of Dogecoin saw a surge after he made a supportive tweet.

SpaceX and Tesla CEO and founder, Elon Musk is recognized for his massive influence and impact on the crypto market.

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