Elon Musk, the CEO of Twitter, recently shared a tweet in which he confessed that he intentionally pumped Dogecoin by tweeting about it. In the tweet, Elon said, “High time I confessed I let the Doge out”. This might seem like a general tweet that Elon is used to sharing very often but there is an underlying reason behind tweeting about Dogecoin all of a sudden.
Community notes would be shown in quote tweets to increase the ‘impact of contributors’ efforts’. This aligns perfectly with Twitter’s long-term goal to become a reliable source of news distribution and provide a viable alternative to traditional news distribution channels.
After this tweet from Elon, Dogecoin charts showed a sudden spike in its value with a very high trade volume. The price spike was short-lived and the rally did not last for very long. However, Elon’s tweet got adequate attention to bring the spotlight to the crypto community towards Community Notes.
It is to be noted that Elon Musk is known as Dogefather because the meme coin went to the moon after Elon tweeted about it from its official account.
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