Dogefather Elon Musk is back to pushing the price of Dogecoin. After what seemed like a lot hiatus of no shilling from Dogecoin’s biggest supporter, Musk came back with a tweet that sent the price of the meme coin barreling upwards towards $0.3. The latest tweet sent shockwaves through the community as the meme coin saw momentum go up again after it went live.
Movements like these are not new to the dogecoin community. Elon Musk is sometimes credited as the reason why the meme coin made its legendary run towards $0.70 after being written off as a joke project by the market. The altcoin has lost over half its value from this all-time high since then. However, it is still holding on, and continued support from prominent figures like Musk and Mark Cuban has helped the meme coin hold its own in the market.
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Musk Wants Dogecoin For Tuition
Musk was back showing support for his favorite meme coin with an unexpected revelation. The billionaire revealed to his followers that he was thinking of starting a brand new university. The Texas Institute of Technology & Science, Musk called it, would be a university that accepted tuition in Dogecoin.
Am thinking of starting new university:
Texas Institute of Technology & Science— Elon Musk (@elonmusk) October 29, 2021
In addition, the SpaceX CEO told his followers that not only would the university accept Dogecoin for tuition, students who owned a dog would also get a discount on their tuition.
Tuition is in Dogecoin & u get a discount if u have a dog
— Elon Musk (@elonmusk) October 31, 2021
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The Dogecoin community took this in stride as jokes around Musk’s announcement began to circulate. Most of the jokes have been centered around the abbreviation of the proposed university name; TITS. Community members posted jokes about applying and others tweeted that they were now saving their Doge in order to pay for tuition at Musk’s university.
Dogecoin Rallies, But Shiba Inu Leads
After Musk’s tweet went live, the digital asset saw an uptick in value in the hours following. Dogecoin saw $3 billion added to its market cap following the tweet, setting it up on a path to try to reclaim its spot from top rival Shiba Inu. However, the new sweetheart of the dog-themed tokens community maintained its hold above Dogecoin. DOGE’s rally towards $0.3 brought its market cap close to that of SHIB which had suffered through the weekend. But recovery in the meme coin in the early hours of Monday ensured that it maintained its position at 9th place.
DOGE trading at $0.264 | Source: DOGEUSD on TradingView.com
Dogecoin had dropped back down from its run towards $0.3 after Musk’s tweet. But the meme coin has maintained momentum above $0.25, which has spelled positive sentiment in the community. With market trading opening up on Monday, most cryptocurrencies are back to trading in the green. If altcoins can hold on to this upward momentum, then Doge may see a further uptick in the price.
Featured image from Tori4Town, chart from TradingView.com