Elon Musk, Tesla’s CEO tweets and Dogecoin (DOGE) rises 75%.
Elon Musk: A DOGE influencer?
The CEO of Tesla and SpaceX is back. Although Musk does not specifically support Dogecoin (DOGE), another tweet of his own comes at a time when the digital asset is on the rise again.
Elon Musk’s tweet asking “What does the future hold?” sparked a debate in the crypto community. The objective is to debate which will be the largest currency in the future.
What does the future hodl?
— Elon Musk (@elonmusk) April 24, 2021
Although the tweet does not mention any details, Musk’s followers have already named DOGE and Bitcoin (BTC) as the main candidates.
The future looks good for the HODLers! 🚀 pic.twitter.com/jrd7d3S9pe
— 💸💸💸 (@itsALLrisky) April 24, 2021
more #Bitcoin ?
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) April 24, 2021
At the same time, DOGE is in another phase of growth. Although in the last week the price has not even approached US$0.40, the currency was traded with a 12% increase on April 23.
Currently, Dogecoin’s price is USD $ 0.2678, according to CoinMarketCap.
Elon Musk and Dogecoin (DOGE)
It is no secret that Elon Musk is a great supporter of DOGE. The billionaire recently agreed that the cryptocurrency should be listed on Coinbase.
Dogecoin’s well-known Twitterer @itsALLrisky asked Musk about the idea of Coinbase bringing DOGE into trading. The billionaire’s answer? Yea! It is worth remembering that, recently, Musk used the crypto broker for the purchase of BTC by Tesla for USD$1.5 billion.
.@Coinbase has a chance to gain millions of customers (and dollars) by enabling #Dogecoin trading, and with the pressure on from @ElonMusk, they may do it sooner than we think #DogecoinRise #DogeOnCoinbase @brian_armstrong https://t.co/GzcdyCPslk
— 💸💸💸 (@itsALLrisky) March 13, 2021
In addition, if the latter tweet causes a further increase in the price of DOGE, it would not be the first time. On April 16, a Musk tweet with the caption “DOGE barking at the moon”, featuring Joan Miró’s image, propelled altcoin to its highest point of USD $ 0.45.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
The demand for the digital asset was so great (600%) that its peak even caused temporary interruptions in exchanges like Robinhood.
The following day, Dogecoin reached the 8th position in the ranking of the most valuable cryptocurrencies by market capitalization. In addition, the “meme currency” had grown more than 330% that same week.
Currently cryptocurrency occupies the 7th position in the ranking. Look at the chart below.
Earlier this year, Musk’s tweets had similar effects. In February, for example, his tweet “Dogecoin is the people’s cryptocurrency” made altcoin appreciate 75%. The maximum at the time was USD $ 0.087.
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
DOGE’s growth has also led to praise from other personalities. Billionaire Mark Cuban is an example. On the same day that altcoin reached its historic high, Coban tweeted that his basketball team, the Dallas Mavericks, had hit a record sales of goods with the cryptocurrency in the past 24 hours.
To kinda quote a movie “Doge keeps going up, but our pricing at https://t.co/F0mbQjy21C stays the same”. We just set a 24 hour record for Merch Sales in Doge ! 🚀🚀🚀 Put that Doge to work ! https://t.co/F0mbQjy21C https://t.co/JmZfOpkPgH
— Mark Cuban (@mcuban) April 16, 2021
DOGE: The cryptocurrency meme
Created in 2013 by Billy Markus, DOGE is an open source peer-to-peer (P2P) cryptocurrency based on a Litecoin fork code.
With a fun and friendly brand image, the cryptocurrency was inspired by a dog meme, being popularly called “cryptocurrency meme”.
In one year, the asset increased 3474%, driven by a wave of ironic endorsements from Elon Musk, Gene Simmons, lead singer of KISS, and rapper Snoop Dogg.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020