A brief tweet from Tesla CEO Elon Musk has once again demonstrated his significant influence on the cryptocurrency market, triggering an immediate price surge for Dogecoin (DOGE). Following his post on Wednesday, which simply read “Doges ftw,” the popular memecoin jumped over 4%, climbing from around $0.069 to a high of $0.072.

While the token’s price has since corrected to just over $0.070, it maintained a 24-hour gain of 1.41%. The market reaction wasn’t limited to Dogecoin. Shiba Inu (SHIB), the second-largest memecoin by market capitalization, also saw a brief price increase before pulling back, showcasing the ripple effect of Musk’s social media activity.

Musk’s Enduring Connection to Crypto

The event highlights the persistent relationship between Musk and the dog-themed cryptocurrency, a connection that has earned him the moniker “The Doge Father.” His continued interest and public comments often fuel speculation that he is a large-scale DOGE holder.

This influence is not a new phenomenon. Musk’s promotion of Dogecoin during his appearance on “Saturday Night Live” in May 2021 coincided with the token reaching its all-time high of $0.73. His sway extends beyond memecoins, as seen when reports of his new AI-focused business prompted a rally in artificial intelligence-based tokens, further cementing his role as a powerful market mover.