The ever-volatile cryptocurrency market saw a flurry of activity yesterday, with Dogecoin (DOGE) surging in price after a social media post by Tesla and SpaceX CEO Elon Musk.
Doge Awakens: Musk’s Post Stirs the Community
The Dogecoin faithful were treated to a surprise on August 21st when Musk shared a picture on an unspecified platform. The image depicted him as an executive within the fictional “Department of Government Efficiency,” with the acronym conveniently forming “DOGE.” Accompanying the image was a simple yet impactful statement: “I am ready to serve.”
The post quickly garnered widespread attention, surpassing one million likes and exceeding 55,000 comments within a short timeframe. This renewed interest from Musk, a self-proclaimed “Dogefather,” coincided with a 3.56% price increase for DOGE, reaching $0.105. While the overall cryptocurrency market experiencing a bullish trend likely played a role, Musk’s involvement undoubtedly reignited interest in the meme coin.
Market on the Move: XRP and PEPE See Action
Beyond Dogecoin’s revival, the broader crypto market exhibited positive signs. XRP, the token associated with Ripple, witnessed a significant rise, jumping 4.17% to $0.61. This surge was accompanied by a substantial increase in trading volume, spiking by over 105% within 24 hours and reaching a staggering $2.47 billion. However, XRP’s momentum seems to have waned today, with trading volume dropping and the price settling at a modest 0.06% increase.
Meme Coins Find New Listings: PEPE Makes Up for Lost Ground
In a separate development, South Korea’s leading cryptocurrency exchange, Upbit, announced the addition of trading pairs for two meme coins – BRETT and PEPE – with USDT (Tether). While BRETT operates on the Base network, PEPE remains active on Ethereum. This news triggered an 11.55% price jump for PEPE, marking its first positive performance in a week. Although the price has since dipped slightly, PEPE’s inclusion on a major exchange signifies a potential boost for the meme coin.
The Takeaway: A Day of Revived Interest and Shifting Tides
Yesterday’s crypto news cycle highlighted the significant influence of prominent figures like Elon Musk on the market. It also showcased the dynamic nature of the cryptocurrency landscape, where established players like XRP experience price fluctuations alongside the rise of meme coins like PEPE gaining exchange listings. As the market continues to evolve, investors are advised to conduct thorough research before making any investment decisions.
