Dogecoin [DOGE] and Elon Musk: what happened?

Elon Musk, Tesla's CEO, has openly approved Dogecoin [DOGE] several times. While DOGE recently made huge gains after a viral TikTok video, Musk's latest tweet further increased the price of the altcoin.

Elon Musk "only sells DOGE"

Altcoins experienced the biggest push of the year. In recent weeks, several altcoins have been experiencing a significant increase in the price. While the crypto community was positively intervening in the altcoin market, creating an extremely favorable trend right now, the Twitter hack has generated immense chaos worldwide.

The infamous Twitter hack targeted the accounts of prominent politicians, celebrities, and influencers and crypto platforms. The hacker left a message during the latest attack in which he invited followers of these celebrities to send Bitcoin to a specific address. Elon Musk, Tesla's CEO, was also a victim of the recent attack.

After recovering his account, Musk returned to Twitter. Making a joke about the recent social media hacking, youtuber Izzy Nobre asked Musk for some Bitcoin. Tesla's CEO said in response to Nobre's tweet: "Excuse me, I'm only selling doge!"

Shortly thereafter, Musk shared a tweet suggesting that Dogecoin [DOGE] would definitely take control of the global financial system. Just before Musk's tweet, DOGE was trading at $ 0,0030.

Shortly after his tweet, the coin hit $ 0,0035. In the past 24 hours, the value of the coin has risen by 14%. In recent weeks, the coin has been lauded as one of the best of the past altcoin season.

DOGE observed a spike of a whopping 48,8% over the previous 14 days. Behind this dynamic, there is also a viral video of TikTok that encouraged viewers to buy Dogecoin.

Why is Elon Musk a dogecoin enthusiast?

Elon Musk has repeatedly highlighted the fact that he is a fan of Dogecoin. In 2019, the Dogecoin network created a Twitter survey asking the community to decide on its CEO. The choice could fall between Ethereum's Vitalik Buterin, Litecoin's Charlie Lee, Metal Payments' Marshall Hayner and Elon Musk.

Elon Musk was the clear winner and went on to claim that the altcoin in question was his favorite cryptocurrency. In the following months, Musk has publicly supported Dogecoin several times.

Last March, Musk shared a tweet in which he expressed appreciation for dogs and dogecoins. Born from a meme, Dogecoin has gained immense traction over the years. The price of the currency is in a positive trend which has generated a significant increase over time. Elon Musk's confirmations could bring further benefits to the altcoin. Meanwhile, you can learn more about Tesla shares I read our article!