The Dogecoin price rose as a result of Elon Musk's post in response to a well-known member of the community.
- The Twitter CEO Elon Musk responded to a popular Dogecoin community member.
- DOGE price increased by over 3.3% to $0.077137 following Musk's post.
In a joke tweet, prominent Dogecoin supporter and tech billionaire Elon Musk mentioned a "fee for visiting Twitter headquarters," which should be paid in DOGE. A user who asked about visiting this social media platform's headquarters received a response from Elon Musk.
Musk responded ironically that it would cost 3 DOGE. This may have renewed speculation among Dogecoin traders and investors. That is the cryptocurrency will eventually be recognized as a form of payment on Twitter. The popular DOGE price increased by over 3.3% to $0.077137 following Musk’s post.
Due to his recent remarks regarding Federal Reserve (Fed) plans, Musk has recently gained media attention. In a statement, Musk claims that switching from low-interest savings accounts to high-interest money market accounts is a significant factor in why depositors are leaving banks.
Musk demanded a 50 basis point rate reduction to save the melting banks before yesterday’s Fed rate decision. In addition, he supported the idea of mandating the FDIC briefly insure all deposits above the $250,000 limit to stop bank runs.