Elon Musk once again mentions Dogecoin (DOGE) on Twitter

Written by: Ali Raza
March 11, 2020
  • Tesla boss Elon Musk, once again praised Dogecoin on his Twitter account, causing the community to speculate about the coin's potential price surge.
  • Musk has referenced DOGE in the past, stating that it is his favorite coin.
  • While DOGE is far from being the most used coin in the crypto world, it is still rather popular thanks to the Doge meme, and it has seen a lot of activity in 2020.

Elon Musk, the CEO of Tesla and SpaceX, has quite a history of mentioning cryptocurrencies on his Twitter account for someone who is not an investor. Over the last few years, Musk has said that Bitcoin was brilliant, that Ethereum ‘deserves merit,’ and that Dogecoin is his favorite coin.

In his newest crypto tweet published today, March 3rd, he once again referenced DOGE on Twitter by saying that ‘They have the best coin.’

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As many who track the prices of crypto probably know quite well, Doge is far from being the most expensive coin on the market. In fact, it is known for not chasing rapid appreciation, and any price above a penny is its ‘moon’ price.

At the time of writing, DOGE is the 33rd largest cryptocurrency with a market cap of $306.66 million and a price of $0.002482. The coin already has 123 billion units in circulation and over 31,000 daily transactions.

Will DOGE about to see a price surge?

While the coin is far from perfect, it still had a rather stable presence in the crypto world for well over half a decade, thanks to the meme on which it was based all those years ago. Despite this, the coin was displaced as a base pair coin when the time of stablecoins came, and it is still not used that much when it comes to moving coins between exchanges and arbitrage trade.

However, Musk’s support for it made the community quite enthusiastic, especially since his tweet might make the coin’s price surge.

https://twitter.com/QuodSemper/status/1234779088751079425

For now, it is too early to tell if his praise of the coin will have an effect, but such a scenario remains a possibility, especially since its trading activity is close to breaking its own past record. Its trading volume exceeds $150 million per day, and while it did not reach its record from 2017, it is still very much active.

For now, most of its volumes are on the BKEX exchange, although the DOGE market also gets a significant boost from a 48% share of USDT trading. Thanks to such conditions, the coin’s price may still see a major surge, especially since it signaled improved altcoin settlement, and maybe even a new altcoin season.

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