Tesla CEO Elon Musk has recently updated his Twitter profile to show DOGE, sending the price upwards by 10% on Sunday.
The Tesla CEO appears to be back in the crypto fray and once again talking about his favorite meme project, Dogecoin. The billionaire businessman who has been relatively quiet over the past few weeks showed his face to crypto fans once again after updating his profile picture.
The profile picture shows Musk with a pair of sunglasses on. However, in the sunglasses is a reflection of the Shiba Inu logo for Dogecoin. It didn’t take long for the DOGE community to see the updated profile picture, which consequently saw DOGE pump nearly 20%. But the pump was short-lived, and the price of DOGE is now only up over 10% on Sunday.
The surge in price sees DOGE as the second-biggest gainer on the day within the top 100 cryptocurrencies.
Musk adds more commentary
Musk also recently replied to a cartoon tweet from a user. The cartoon indicates Musk’s son, nicknamed ‘Lil X’ was buying DOGE. When asked to confirm, Musk replied, saying, “Lil X is hodling his Doge like a champ. Literally never said the word “sell” even once!”
The history of DOGE and Musk
Musk has been a strong supporter of DOGE for the better part of 2021. The billionaire has even been credited with pushing the meme coin to new all-time highs this year. DOGE soared to an all-time high of $0.74 before he featured on Saturday Night Live.
However, the coin has since declined in price. DOGE has declined by roughly 80% since the euphoria leading up to his television appearance.
It seems that Musk is not completely done with his Dogecoin agenda. The ambitious CEO has recently shared his insights on scalability of the DOGE project. Musk had previously addressed potential methods of speeding up the Dogecoin network. But Ethereum founder Vitalik Buterin refuted the idea of speeding up the Dogecoin network. Buterin addressed the complications of centralization and compromises on the technology; he says that there are important, subtle factors that influence scaling.