The price of Dogecoin (DOGE), the largest meme coin spiked more than 4%, after Elon Musk posted yet another meme devoted to the Bitcoin parody on his X page.
Musk shared his variation of the popular "Biggus Dickus" joke from the 1979 comedy film Monty Python's Life of Brian.
The billionaire has portrayed the mainstream media as members of the infantry from the historical comedy film. They are barely capable of suppressing laughter due to the fact that they have to cover the popular meme coin now that it is among the top 10 biggest cryptocurrencies by market cap.
The Musk-driven price spike was rather short-lasting, meaning that the power of the billionaire's social media posts is fading.
The controversial entrepreneur is largely responsible for pushing Dogecoin into the limelight in 2021 and igniting its massive rally that ultimately resulted in the meme coin occupying fourth place by market cap and briefly surpassing $85 billion in market capitalization. However, the meme coin then plunged following Musk's SNL appearance in May 2021.
Alex DovbnyaDespite being down more than 78% from its all-time high, it remains the 10th biggest cryptocurrency by market cap. It is currently valued at $22.1 billion.
A new use case for Dogecoin?
At the same time, Musk has confirmed that the X will start charting all new users a "small fee" in order to be able to post, like, and bookmark new content.
The entrepreneur claims that it is the only way of dealing with "the relentless onslaught of bots."
Musk claims that it is impossible to deal with bots due to modern AI technologies that make it possible to bypass restrictions.
Some X users have suggested that Dogecoin should be used in order to pay for posts on the social media network.
Yuri Molchan
Arman Shirinyan
Dan Burgin
Vladislav Sopov