Fading power? Weak DOGE spike after Elon Musk makes McDonald's offer

cointelegraph.com:

Erratic billionaire and Tesla CEO Elon Musk has offered to eat a kids meal from McDonald’s live on television if the fast food giant adds Dogecoin (DOGE) as an official payment method.

“I will eat a Happy Meal on TV if McDonald’s accepts Dogecoin” said the SpaceX CEO in a tweet on Tuesday morning. In the minutes following Musk’s tweet, the price of DOGE immediately jumped 7% from $0.135 to $0.145 where it remains at the time of writing

Previous tweets from Musk have seen markets move far more substantially, with a recent announcement about using it for Tesla merchandise payments causing DOGE to surge over 25%. The current downturn may have something to do with it, but the smaller spike suggests Musk's power to move markets is beginning to fade.

I will eat a happy meal on tv if @McDonalds accepts Dogecoin

Around ten hours later, McDonald’s responded by stating, “Only if Tesla accepts Grimacecoin” making reference to a fake coin depicting a fuzzy purple McDonaldland mascot from the ‘80s called “Grimace”. Crypto opportunists were quick to respond, with Grimace Coin (Grimace) already minted on Binance Smart Chain. (Disclaimer: buying a memecoin created in the last few hours is not widely considered to be a wise financial move).

As always, mainstream media outlets have been quick to cover the billionaire's erratic online behavior, with the Wall Street Journal and The Independent further amplifying Musk's crypto tweets.

The billionaire is jumping on the bandwagon of McDonald’s crypto memes that have grown in popularity on Twitter recently. The fast food giant has become intrinsically linked to crypto markets during times of crisis, as influencers and investors post memes about needing to get a job at the fast food chain following