Dogecoin Jumps 25% After Elon Musk Tweeted One Word About Red-Hot Cryptocurrency
On Wednesday, due to a tweet by Elon Musk, the price of Dogecoin rose sharply.
The Tesla CEO tweeted at 8 a.m. ET with just one word: literally. Elon Musk is tweeting about dogecoin again, this time on Wednesday raising the value of the memo currency by 25% with a one-word tweet.
Attached to the tweet was a photo of a famous meme Shiba Inu in a spacesuit, planting a flag that read WOW.
After 10 minutes, the billionaire tweeted: On the real moon.
Dogecoin traded 23.11% up to $ 0.0581 as of 10:17 am ET Wednesday. Wednesday isn’t the first time Musk’s tweet has sparked a rise in Dogecoin, nor the second. The internet coined the term Musk Move to reflect the billionaire’s massive influence in moving prices on everything from Bitcoin to GameStop to Etsy.
On February 19, he caused another jump in dogecoin’s price after tweeting his 46 million followers that he bought them for his nine-month-old son. Dogecoin is up 16% after this tweet. Days earlier, Musk had called on large investors, also known as whales, to sell their shares, adding that he believed concentration among several holders was the only real problem.
Dogecoin, which started in 2013 as a joke, became famous thanks to famous supporters like Musk, as well as rapper Snoop Dogg and Kiss member Gene Simmons. For a short time, dogecoin’s market value hovered around $ 10 billion, making it more valuable to many well-known companies.