On Thursday morning, Dogecoin (DOGE) surged more than 50% to trade about $0.059 per coin.
The news was greeted by Elon Musk, who made multiple cryptocurrency tweets, despite a vow two days earlier to keep off Twitter for a bit.
In one, Musk posted a Lion King-inspired meme with a photoshopped picture of himself lifting the famous Shiba Inu dog to the sky (+48.06 percent).
“A string of tweets describing the cryptocurrency as the “people’s crypto” continued, adding, “No highs, no lows, just Doge.
For the cryptocurrency, such volatile market behavior is fairly common. On Jan. 29, DOGE increased more than 800 percent to around $0.082 per coin, seemingly prompted by interest from Reddit trading groups such as WallStreetBets along with a TikTok article about the “dogecoin army” from Netflix’s “Tiger King” by niche celebrity Carole Baskin.
Adult actress Angela White also prompted DOGE to double in cost in early January after she claimed she was a crypto-currency owner.
According to CoinMarketCap, DOGE, which was initiated as a prank in 2013, is currently the 12th most popular cryptocurrency by market value.
Recently, Musk said that if dogecoin “becomes the currency of Earth in the future” it will be the most “entertaining and ironic result.”
Bitcoin Eyes Tolerance reaches $40,000
As confirmed by Cointelegraph, Musk already had helped spark a Dogecoin bull run by introducing r/Wallstreetbets to the current buzz generated by the notorious Reddit community. Bitcoin Equaliser app
He described his numerous previous experiences with the cryptocurrency in an interview with Clubhouse as “jokes,” nonetheless believing that his best days could still lie ahead.
“Dogecoin is made to make fun of cryptocurrencies as a joke, but fate loves irony,” he summed up at the moment. After triggering a Bitcoin (BTC) price rise, Musk likewise hit the headlines by making it the only thing in his Twitter profile. That came weeks after another usually backhanded praise, in which he said that “almost as BS as fiat money” was Bitcoin. I had to think about it for a while, but I think at this stage that Bitcoin is a positive idea and so I’m a Bitcoin supporter like I said late to the list, but I’m a Bitcoin supporter,” he added to Clubhouse. “I had to think about it for a while, but I think at this point that Bitcoin is a good thing and so I’m a Bitcoin supporter, as I said.
Thursday saw a return of its own from the BTC/USD tier, reaching heights previously seen only momentarily thanks to the actions of Musk last week. The pair circled $38,660 at the time of publication. At the same moment, Musk seems to have deleted “Bitcoin” from his profile, leading to remarks from the Twittersphere about “Elon has gone full doge” Blockchain Research Lab said in a dedicated article published this week that such social media ads could draw more interest in the future.Although Elon Musk is likely to be an extreme example of social media influence, there are a vast number of comparatively less prominent people, organizations, or firms who express their views on cryptocurrencies via social media, “While Elon Musk is likely to be an extreme example in terms of influence via social media, there is a huge number of comparatively less influential individuals, groups or companies who communicate their opinions on cryptocurrencies via social media,”. In case you have decided to buy DogeCoin then you need to compare exchanges like Coinbase and Robinhood to check which one has the best rates.