According to U.Today, Dogecoin (DOGE), the most prominent meme coin, experienced a 4% price surge following a new meme post by Elon Musk. Musk's meme, a variation of the 'Biggus Dickus' joke from the 1979 comedy film 'Monty Python's Life of Brian', depicted mainstream media as members of the film's infantry, struggling to suppress laughter while covering the meme coin. This comes as Dogecoin has risen to be among the top 10 largest cryptocurrencies by market cap.
However, the price spike driven by Musk's post was short-lived, suggesting that the influence of the billionaire's social media posts may be waning. Musk has been a significant factor in propelling Dogecoin into the spotlight in 2021, triggering a massive rally that saw the meme coin rise to fourth place by market cap and briefly surpass $85 billion in market capitalization. Despite a subsequent plunge following Musk's appearance on Saturday Night Live in May 2021, Dogecoin remains the 10th largest cryptocurrency by market cap, currently valued at $22.1 billion.
In related news, Musk has confirmed that his social media platform will begin charging new users a 'small fee' to post, like, and bookmark new content. Musk stated that this measure is necessary to combat the 'relentless onslaught of bots', which he claims are difficult to manage due to advanced AI technologies that can bypass restrictions. Some users of the platform have suggested that Dogecoin could be used as a form of payment for posts on the social media network.
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