Dogecoin surges to more than 7% after two tweets from Elon Musk. Previously, the price of the coin was hovering around $0.24, steadily hiked after Musk’s tweet.
On July 1, the value of Dogecoin increased by 7% thanks to two tweets from Tesla and SpaceX founder Elon Musk. On the other hand, two other cryptocurrencies – Bitcoin and Ether – traded lower.
After trading less than $0.24 during early hours of trading, Dogecoin, according to the data shared by CoinGecko, rose to $0.2573 after the tweets from Musk. At the time this report came out, the 24-hour trading volume was set at $2,762,760,820.
Other virtual coins that were trading at a lower level saw a minor price increase as well. However, Bitcoin, the world’s most valuable cryptocurrency, was down nearly 3% at $33,754.
Following Musk’s comments, Dogecoin’s value skyrocketed, indicating that the billionaire is still able to influence the cryptocurrency market. “The Godfather, with the caption: “Release the Doge!” read one of his tweets, which was a meme based on the Hollywood film The Godfather.
His second tweet was more of a nursery rhyme.
Twitter goes haywire after the positive Tweet by tech Giant and posts their opinions on it.
Some Doge fans are still bullish on doge.
When some fans are still confused between babydoge and doge, clearing it a user tweets about it.
The Musk Effect
Musk, earlier this year, generated massive interest in Dogecoin through his repeated tweets on the cryptocurrency that was launched in 2013 as a “joke token”.
After driving up the prices of Dogecoin, Musk is considered to have led its fall after he called it a “hustle” during his appearance at the Saturday Night Live in May. The value of Dogecoin dropped by 65 percent since then.