Dogecoin (DOGE) just surged 50% after Elon Musk gave the crypto another bump

 Dogecoin (DOGE) just surged 50% after Elon Musk gave the crypto another bump


It seems that crypto’s favourite chief government, Elon Musk, simply gave Dogecoin (DOGE) one other bump.

The Tesla and SpaceX chief government lately spoke to TMZ, the media outlet, about Dogecoin, whereas he later tweeted in regards to the meme cryptocurrency.

This newest flip of occasions comes after a rocky previous week for DOGE, which surged some 900 to 1,000 p.c shortly after it started getting closely shilled on Wall Road Bets, then proceeded to corrected by over 65 p.c within the subsequent sell-off.

Elon Musk messes with Dogecoin once more

Musk seems to be messing with the Dogecoin group as soon as once more, inducing some excessive volatility within the value of the cryptocurrency.

In response to CryptoSlate market knowledge, DOGE has appreciated by over 50 p.c prior to now 24 hours, making it one of the best performing digital asset within the prime 100 by market capitalization.

This rally comes after movies have been shared on-line of Musk discussing Dogecoin and cryptocurrencies extra broadly on his option to his automotive.

Chart of DOGE’s value motion over the previous 5 days. Supply: DOGEUSD from TradingView.com

In response to a TMZ video from Saturday night, he mentioned that he thinks that cryptocurrencies are seemingly the place the world’s financial programs are going. When requested to elaborate on that reply, he half-joked that Dogecoin may very well be on the heart of that, including that “destiny likes irony.”

Musk elaborated that whereas Dogecoin was created to make considerably of a mockery of Bitcoin and different “actual” cryptocurrencies, Dogecoin was formulated as a joke.

Musk seems to be addressing the topic in a extra jovial temper on Twitter.

He lately posted the picture under, which went viral. The picture reveals him holding up a variety of different celebrities, and on the prime, the Shiba Inu canine referred to as the face of Doge.

Musk’s feedback in regards to the joke cryptocurrency come shortly after different celebrities corresponding to Gene Simmons of KISS and Kevin Jonas of the Jonas Brothers have commented on Dogecoin in a optimistic method.

A market prime?

Whereas early DOGE consumers are up on their holdings, Michael Novogratz, CEO of Galaxy Digital, is looking for some rationality.

He mentioned that he thinks “the $DOGE frenzy is gonna finish poorly” due to “greed and gravity.” Novogratz added that “$DOGE doesn’t have a objective,” which is a critique that many have introduced up over latest weeks.

Disclaimer: This creator is an analyst at ParaFi Capital. ParaFi Capital might maintain positions in property talked about on this article. The views displayed on this article are opinions of the creator—and the creator solely. 

Dogecoin, at the moment ranked #10 by market cap, is up 22% over the previous 24 hours. DOGE has a market cap of $9.72B with a 24 hour quantity of $13.77B.

Dogecoin Value Chart

DOGEUSD Chart by TradingView

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