Two days, two chances for Elon Musk to pump his favorite meme coin.
Dogecoin prices were up more than 3% Wednesday after Musk tweeted a picture of the cryptocurrency's mascot with a shirt that read CEO.
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In a sane world, a mixed inflation report Monday and a Senate Banking Committee hearing on future cryptocurrency regulations would be bigger catalysts for a big jump in valuation.
But little is sane in the world of meme coins like Dogecoin and Shiba Inu.
Doge currently has a market cap of about $11.41 billion, partly thanks to two shout outs from Elon Musk this week.
But while Doge may be in the running for Twitter CEO, the pup will have to wait until at least the end of the year to take over.
"I think I need to stabilize the organization and just make sure it's in a financially healthy place and that the product roadmap is clearly laid out," Musk said during a remote video interview. "I'm guessing probably towards the end of this year should be a good timing to find someone else to run the company, because I think it should be in a stable condition around, you know the end of this year."
Musk and Murdoch
Musk had curious minds wondering what was going on when he appeared at the Super Bowl in the same luxury suite as News Corp. (NWSA) and Fox Corp. (FOX) owner Rupert Murdoch on Sunday.
And with a single one-word tweet, he sent Dogecoin soaring.
The meme token soared Monday morning after Musk's tweet, rising as much as 5%. However, by the afternoon session the cryptocurrency was down nearly 1%, possibly as investors figured out that Musk was actually joking.
