Cryptocurrency Dogecoin grew by more than 6% due to the publication of Elon Musk

Elon Musk’s actions continue to influence the price of the Dogecoin meme token, and today the billionaire proved it once again. On his Twitter page, the social network CEO posted an alleged confession of his involvement in the launch of DOGE $0.12 Dogecoin -1.61% Market capitalization $17.9 billion VOL. 24 hours $79.77 million . As is often the case, cryptocurrencies reacted with growth.

High time I confessed I let the Doge out pic.twitter.com/TAi4p1khAd

— Elon Musk (@elonmusk) February 22, 2023

«It's a good time to admit that I launched DOGE. I let the dogs out,» Musk wrote in his post. In a short time, the Dogecoin price reacted to Musk’s tweet with a 6.6% increase. In addition to Dogecoin, the value of Shiba Inu increased by 2.5%, probably because Elon Musk spoke of «dogs» in the plural.

As usual, it is anyone’s guess what the businessman’s tweet really means and whether it has a deeper meaning. Members of the cryptocurrency community immediately started talking about how Musk’s words could be another hint of the imminent integration of cryptocurrency payments on Twitter. Currently, the Twitter team is working on developing an architecture to launch payments on the platform. Although the payment technology will primarily focus on fiat transactions, it will be built in such a way that crypto functions can be added in the future.

As a reminder, Elon Musk’s post on Twitter has boosted the value of the FLOKI meme cryptocurrency by 485.2% in 30 days. Last week, the billionaire posted a photo of his pet Floki, who allegedly solves social media issues. The dog’s T-shirt reads «CEO» — the highest executive position in the company.