Much Currency! Much Wow! Why Dogecoin Could Be Getting Another Elon Musk-Fueled Lift

Meme cryptocurrency Dogecoin DOGE/USD is no stranger to sudden spikes in its price. Some of the spikes can be attributed to the world’s richest man, Tesla Inc TSLA CEO Elon Musk.

What Happened: Dogecoin co-founder Billy Markus shared on Twitter Thursday that he liked Dogecoin because “it know it is stupid.”

The tweet landed a response from Musk who said “it has potential as a currency.”

It has potential as a currency

— Elon Musk (@elonmusk) May 12, 2022

Markus went on to say he enjoys Dogecoin can have utility and be successful. Markus also took the time to share a thought on other cryptocurrencies.

“I also enjoy that Elon Musk liking Dogecoin causes people to have pointless meltdowns because he isn’t talking about their arbitrary crypto of choice, cloaked by frail moral superiority,” Markus said.

Why It’s Important: Many in the Dogecoin community have pushed for retailers to accept Dogecoin as a form of payment. Sometimes the hashtag #acceptDoge trends on Twitter Inc TWTR with calls for large retailers to accept the meme crypto.

Movie theater chain AMC Entertainment Holdings Inc AMC is among the retailers that accept Dogecoin as payments for online transactions. The number of retailers that accept Dogecoin, especially for online transactions, continues to grow.

Several sports teams, including the Dallas Mavericks, have integrated Dogecoin as a form of payment for transactions.

Dogecoin is one of the most tweeted topics by Musk over the last several years and it likely won’t come as a huge surprise that he responded to Markus Thursday. Dogecoin also hit its all-time high over one year ago when Musk appeared as the host of an episode of “Saturday Night Live.”

With Musk set to acquire Twitter, many in the Dogecoin community hope Musk integrates items such as Dogecoin tipping on the social media platform.

Pushes to make Dogecoin an acceptable form of cryptocurrency could increase with Musk’s tweets, which are seen by his 92.5 million followers on the social media platform.

The largest Dogecoin commercial purchase happened this month with a BIG3 basketball team purchased for around $600,000 worth of Dogecoin.

DOGE Price Action: Dogecoin is down to $0.08016 at the time of publication Thursday evening, though it had an instant spike up happening earlier from Musk’s tweet. Dogecoin has traded between $0.07004 and $0.6847 over the past 52-weeks.