Elon Musk, Dogecoin and Twitter- find out more about how the billionaire’s tweet affected the cryptocurrency
Image source: pymnts.com, The CEO Magazine
The cryptocurrency, whose name derives itself from the popular internet meme, Dogecoin, went up in value by 60% when Elon Musk, billionaire, founder and CEO tweeted about it after his two-day break on Twitter.
Doge
— Elon Musk (@elonmusk) February 4, 2021
It seems like he knew how this would impact the cryptocurrency’s value because it accompanied a picture of a rocket launch, which has become synonymous with something’s value going up.
Dogecoin jumped 67.99% to $0.054496, according to data on blockchain and cryptocurrency website Coindesk.
Following which, he posted this edit with the coin’s symbol:
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
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. He has done so with companies like Etsy, contributed to the GameStop surge and increased the users downloading the app Signal as well.
Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy, but can still be bought and sold on digital currency exchanges.
