Tech entrepreneur and owner of X (formerly Twitter), Elon Musk has once again endorsed the meme cryptocurrency Dogecoin (CRYPTO: DOGE).

 What Happened: In a tweet on Wednesday responding to a post on X by Maye Musk, Elon said that “X,” is a  DOGE friendly place.

"X is a dog & Doge friendly place!," he tweeted.

X is a dog & Doge friendly place!

— Elon Musk (@elonmusk) August 23, 2023

This sent DOGE to experience a 1.68% surge, trading at $0.063, in the last 24 hours.

Notably, Musk’s relationship with DOGE has been the subject of much speculation and market volatility. 

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Why It Matters: Musk’s audacious endeavor aims to reshape X into a multifaceted service, incorporating features such as payment capabilities. 

On Wednesday, Musk further fueled the excitement surrounding the transformation of Twitter into “X” by tweeting a logo created by DogeDesigner, which read "the everything app."

— Elon Musk (@elonmusk) August 23, 2023

The Tesla CEO has expressed his desire to create an “everything app,” integrating social media, messaging, and financial transactions.

Last month, Musk’s tweet featuring the social media site’s new logo, originally designed by a DogeDesigner, led to a surge in the value of the original meme cryptocurrency. Additionally, Musk subtly demonstrated his affinity for DOGE by including its symbol in his Twitter bio.

Originally conceived as a joke by a group of engineers in 2013, dogecoin has since evolved into a prominent digital asset, ranking it as the eighth largest in the market.

Photo by Vitalii Stock on Shutterstock

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