Wednesday, October 27, 2021

Dogecoin pumps 20% as Elon Musk continues to tweet about the meme cryptocurrency.

The Takeaway:

The price of Dogecoin jumped by 20% in minutes after another pro-tweet from Tesla's CEO Elon Musk. Earlier, Musk had called bitcoin "highly centralized."

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Tech billionaire continues to tweet about the meme-cryptocurrency Dogecoin as its price once again jumped 20% after the tweet. Elon Musk posted an intriguing tweet that included a one-dollar bill and DOGE. Tesla CEO posted a picture with a text reading “cyberviking.” In the background, though, there’s a slightly blurred one-dollar bill. Earlier, the tech billionaire had called bitcoin “highly centralized” and is mostly controlled by large mining companies. 

 

Elon Musk continues to tweet about Dogecoin. 

The CEO of Tesla and SpaceX has been openly supportive of the Shiba Inu-inspired coin for a while. Having millions of followers on Twitter and being an influential personality, his words reached other celebrities, and the snowball effect started. The mania reached retail investors, and some DOGE fans started a campaign “DOGE to $1.” With Musk’s words from today, it seems that he has joined that trend as well. During earlier interactions with the billionaire, Dogecoin’s price reacted immediately. It traded at $0.36 following the most recent market crash but spiked by about 20% to an intraday high of $0.42.

 

Dogecoin supporters target $1. 

At the time of writing, Dogecoin is trading at just above $0.417. The supporters of the meme-based cryptocurrency are targeting the $1 price, and it seems like Elon Musk has also joined those supporters. It is also important to note that Elon Musk had previously clarified that his tweets about Dogecoins are only “jokes.” It’s worth noting that Dogecoin came around $0.25 away from reaching its target of $1 less than two weeks ago. At that point, DOGE even became the fourth-largest crypto by market cap and was close to overcoming BNB for the third spot. Despite being down roughly 50% since the ATH in early May, DOGE is still well ahead year-to-date. 

 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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