Dogecoin (CRYPTO: DOGE) traded 2.27% lower at $0.25 in the early hours of Thursday after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s latest “dogz rūl” tweet.
What Happened: Musk was replying to a meme posted by a Twitter user, which tracked the evolution of dogs as companions to humans.
Yeah, but dogz rūl
— Elon Musk (@elonmusk) July 1, 2021
DOGE, the sixth-largest cryptocurrency by market cap, is still up 6.53% for the week.
Why It Matters: Musk often tweets about DOGE, but his tweets do not always drive up the price of the Shiba Inu-themed cryptocurrency.
See Also: How To Buy Dogecoin (DOGE)
On Monday, the Tesla CEO announced that his own Shiba Inu will be named Floki. A cryptocurrency by the same name quickly emerged soon after and registered a massive surge.
Dogecoin is witnessing a slump this month, down 35%, but its year-to-date gains still stand at a whopping 4206%, as of press time.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights