2021-02-05 08:00:00

Dogecoin price surges by 50 per cent after Tesla CEO Elon Musk calls it the people’s crypto on Twitter

Tesla CEO Elon Musk’s return on Twitter after a 46-hour break caused cryptocurrency Dogecoin to soar by 50 per cent on Thursday. Musk tweeted a meme image of himself as Rafiki from Disney’s The Lion King and the Doge mascot as Simba with the tweet, “ur welcome.”

HIGHLIGHTS

  • Dogecoin jumped to $0.05798 on Thursday according to data on blockchain and cryptocurrency website Coindesk.
  • Musk first tweeted “Doge” and then followed it up with “Dogecoin is the people’s crypto”.
  • Last week, Musk had posted a picture of a dog from a magazine cover of “Dogue” — a play on the popular fashion title “Vogue.”

Tesla CEO Elon Musk’s return on Twitter after a 46-hour break caused cryptocurrency Dogecoin’s price to soar by 50 per cent on Thursday. Dogecoin jumped to $0.05798 according to data on blockchain and cryptocurrency website Coindesk. Musk first tweeted “Doge” and then followed it up with “Dogecoin is the people’s crypto”. Musk went on to tweet a meme image of himself as Rafiki from Disney’s animated movie The Lion King and the Doge mascot as Simba with the tweet, “ur welcome.”

Last week, Musk had posted a picture of a dog from a magazine cover of “Dogue” — a play on the popular fashion title “Vogue,” which may traders from StreetBets interpreted as his support behind the doge rally after which the meme-based cryptocurrency spiked up to 80 per cent while also seeing an exponential increase in trading volume over 800 percent. Last month, Musk had tweeted “One word: Doge,” to his 40 million followers.

Hours later millions of people joined the subreddit Satoshi Street Bets and wrote about “taking doge to the moon,” encouraging users to not sell the Dogecoin till its value reaches a dollar. Many Redditors posted that they had Musk’s support and that people should wait before selling their dogecoin.

Musk realises that he has a Midas touch, of sorts, when it comes to “moving markets.” Earlier this week, in a Clubhouse discussion he said, “I’ve got to watch what I say here because some of these things can really move the market.” He had noted that his dogecoin tweets were only meant as a joke when he posted them earlier this week. “But fate loves irony. The most entertaining outcome and the most ironic outcome would be that dogecoin becomes the currency of Earth in the future,” Musk said.

Musk also expressed his support for bitcoin during the conversation, “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin. I think bitcoin is really on the verge of getting broad acceptance by conventional finance people,” he said. Musk changed his Twitter bio to simply “#bitcoin” last week, causing a surge in the value of the most popular cryptocurrency. He has since taken the tag off. Musk has also tweeted about companies and cryptocurrencies that have sent their prices soaring in recent weeks. He has commented on GameStop, Etsy, and CD Projekt causing their shares to soar in the market.

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