Tuesday, November 30, 2021

Dogecoin surged more than 60% after Elon Musk tweeted about the cryptocurrency.

The Takeaway:

Cryptocurrency Dogecoin surged more than 60% on Thursday after billionaire entrepreneur Elon Musk tweeted about the crypto, which was based on a meme.

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According to the Reuters report, cryptocurrency Dogecoin surged more than 60% on Thursday after billionaire entrepreneur Elon Musk tweeted about it, two days after he said he was to take a break from Twitter “for a while.” Dogecoin, which is based on a popular internet meme, jumped 67.99% to $0.054496 after the Tesla CEO tweeted about it. Musk first tweeted “Doge” after a picture of a rocket going to the moon. He then tweeted, “Dogecoin is the people’s crypto.”

 

Elon Musk helps Dogecoin soar more than 60%. 

The Tesla CEO posted an edited image of himself with the Shiba Inu dog at the center of the doge meme, also the logo for the cryptocurrency Musk, who has 45.2 million followers on Twitter, has been highly engaged in the recent retail trading frenzy, tweeting about specific companies and cryptocurrencies and helping send their prices soaring. Shares in GameStop, Etsy, and CD Projekt have jumped following comments about them on his Twitter account. Some of these stocks had been heavily shorted. “I am become meme, Destroyer of shorts,” Elon Musk tweeted.

 

Elon Musk added “bitcoin” to his Twitter bio.

Earlier, Elon Musk added “#bitcoin” to his Twitter bio, sending the leading cryptocurrency flying. He has since taken the tag off. Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy but can still be bought and sold on cryptocurrency exchanges. It regularly makes a comeback during viral crypto rallies, with individuals promoting it on social media. As reported earlier, the second-largest cryptocurrency, ethereum, is also on a record-setting spree as investors buy it before the launch of ethereum futures on the Chicago Mercantile Exchange next week.   

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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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