Dogecoin (DOGE) experienced a 4% jump in price in a matter of minutes following a tweet mention from Elon Musk. The token rose to as high as $0.072 from $0.069 late Wednesday morning after Musk’s post, before paring some of its gains and trading at just under $0.070 at press time. The second largest dog-themed crypto, Shiba Inu Coin (SHIB), also experienced a bump in price but has since mostly retraced that move.
Musk has a long history of making public comments about crypto in general and Dogecoin in particular, and markets have just as long of a history in quickly reacting to those comments. Last week, artificial intelligence-related tokens surged on the news about Musk unveiling an AI-focused venture to take on popular chatbot ChatGPT.
The token has lost some 90% of its market value since then, noted CoinGecko. Interestingly, Musk’s comments today come ahead of Tesla (TSLA) second quarter earnings report later Wednesday afternoon. At the automaker’s Q2 earnings report one year ago, the company announced the sale of some of its Bitcoin holdings.