The price of Dogecoin rose more than 15% at the weekend after Tesla CEO Elon Musk changed his Twitter profile picture to a photo featuring the dog breed whose likeness features on the memecoin.

Fast facts

  • Musk’s new picture featured the billionaire wearing mirrored, aviator-style glasses with a Shiba Inu dog reflected in them. Dogecoin’s price rose to US$0.203 shortly afterwards.
  • Doge’s rapid gains were short lived, however, and the token was back to trading at US$0.1782 at press time, nearly 20% below the same time last week, according to data from Dogecoin’s price has been in steady decline since it hit an all-time high of US$0.7364 in May following a continued campaign of support by Musk.
  • Musk’s success at driving attention to the memecoin has spawned several spin-off coins, which he has in turn taken to supporting, such as the Shiba Inu token and Baby Doge token.