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After Tesla CEO Elon Musk revealed his $3 billion stake in Twitter on Monday, Dogecoin’s value skyrocketed 10%, indicating how influential the SpaceX founder was in crypto markets.

According to CoinDesk, the memecoin jumped from a price of $0.143 to more than $0.156 in the minutes following Musk’s announcement about his stake in Twitter.

Musk remains one of the most prominent crypto influencers, with his Tweets about popular coins like Shiba Inu and Dogecoin sending crypto markets into a frenzy.

However the spike in Dogecoin's price may just be a reflection of how the memecoin's investors are so closely linked to the world's richest person: "While there seems to be no direct correlation between the Elon Musk and Twitter deal with the [Dogecoin] memecoin, the growth is a testament to the tight-knitted relationship between Elon Musk and the slew of Dogecoin investors around," Alexander Mamasidikov, co-founder of mobile digital bank MinePlex, told CoinDesk.

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On Tuesday morning, Dogecoin's price increased by almost 8% to 16 cents.

“If Elon Musk is somewhat steering the machine as far as the communications are concerned, he's going to take any kind of opportunity to push DOGE forward,” Mati Greenspan, founder and CEO of Quantum Economics, told CoinDesk.

At the end of last year, Tesla’s Bitcoin holdings exceeded $2 billion. The electric vehicle maker began accepting Bitcoin as a payment method in 2021, only to rescind support for the cryptocurrency over concerns about Bitcoin’s environmental footprint.

Musk has been a polarizing but influential figure in the Dogecoin community, with any Tweet sending crypto markets spinning. Last June, he advocated reducing Dogecoin fees to make the memecoin more competitive, and Dogecoin prices soared by 22% when he took to Twitter last May to announce that he was improving system efficiency with Dogecoin developers.