While some skeptics suspected that Musk's account has been hacked once again, SpaceX's Co-founder and CEO's appeal was genuine.
Musk may been looking to push the net worth of a single Dogecoin to $1, after a recent community campaign, arguing that the cryptocurrency would reach that threshold no matter what.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
Following his sudden display of endorsement, DOGE's value jumped 24% and is now trading at around $0.00345, still way below the hoped-for target. Musk has been known to inflate the value of DOGE in the past, although “inflate” may not be the correct term.
In April 2019, a Musk tweet led to a 44% jump in the currency's value, but his ability to cause proportional spikes in the net value of digital asset may be waning with every tweet.
Dogecoin is not very likely to secure the targeted price and, for all intents and purposes, there is a good chance that Musk is just dropping a joke, as would be expected of the digital currency.
Yet, there are some players in the crypto gaming community who don't mind using Dogecoin to place a crypto bet. We have put together a list of trusted casino brands that allow you to bet DOGE.