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.
- 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 Coinmarketcap.com. 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.