Elon Musk, the CEO of Tesla and SpaceX, posted a sarcastic tweet about the meme cryptocurrency Dogecoin (DOGE). It is not the first time Musk has trolled the crypto and Bitcoin (BTC) communities with humorous remarks.

He tweeted "it'due south inevitable," with an prototype showing the "dogecoin standard" dwarfing the global financial system.

Elon Musk tweets a Dogecoin meme

Elon Musk tweets a Dogecoin meme. Source: Elon Musk Twitter

Responding to a sarcastic tweet asking Musk for lost Bitcoin, Musk wrote:

"Alibi me, I only sell Doge!"

The price of DOGE rose by 14% on the day

The price of DOGE rose by 14% on the day. Source: TradingView.com

Later Musk's viral tweet, the price of Dogecoin rose from $0.003052 to $0.003433, by around 14%. Whether DOGE rose as a event of Musk'due south tweet cannot be certain. Unlike tiptop cryptocurrencies, DOGE has relatively low liquidity, which leaves it vulnerable to short-term pump and dumps.

Musk continues to lightheartedly entertain the crypto community

In recent weeks, a viral TikTok sensation sent the price of Dogecoin surging. Information from CoinMarketCap shows Dogecoin rose from $0.0023 to every bit high as $0.005 within merely three days from July six to nine as a result.

Musk'south tweet appears to exist in reference to Dogecoin's sudden increment in popularity in the mainstream. The unexpected spark in interest well-nigh the cryptocurrency on TikTok garnered significant media coverage.

Throughout the past year, e'er since Musk declared that his favorite cryptocurrency is Dogecoin, he has continuously tweeted nigh crypto.

Musk said in April 2022:

"Dogecoin might be my fav cryptocurrency. Information technology's pretty cool."

In mid-2019, Musk won a poll to go a cocky-proclaimed CEO of the meme-inspired cryptocurrency. That but propelled Musk to write even more sarcastic jokes nearly cryptocurrencies.

In May, in response to J.G. Rowling'due south tweet about Bitcoin, Musk wrote:

"Pretty much, although massive currency issuance by govt primal banks is making Bitcoin Internet money look solid by comparing."

He added:

"I still only own 0.25 Bitcoins btw."

Is Musk tweeting about crypto beneficial for the industry?

Musk seemingly enjoys entertaining the crypto industry with the occasional meme tweets. He quite clearly is non a serious investor in cryptocurrencies, different the likes of other popular figures such every bit Paul Tudor Jones.

But, there is a silver lining with having arguably one of the most high-profile and influential CEOs in the U.S. tweet nigh crypto regularly.

Cryptocurrencies, as an nugget class, nevertheless remain as a niche market for many investors. The market capitalization of Bitcoin, the most dominant cryptocurrency in the global marketplace, is smaller than that of Tesla.

Dan Tepiero, the founder of DTAP Capital, wrote:

"Non looking similar a top in TSLA. In fact, but broke out 7 days agone. At this charge per unit, Elon Musk becomes earth's richest person in a few months. The market is always correct. What is it telling u.s.a. near the futurity? Net worth at present equal to 25% of all Bitcoin. Maybe he buys a few?"

For an asset class in an early phase of growth, cryptocurrencies could benefit from the publicity Musk brings to the industry.