Dogecoin Price Soars 50%, Elon Musk’s Tweet is the Reason

Elon Musk holding a phone, with a dogecoin wallpaper in the background
Elon Musk

Elon Musk, the richest man in the world pushed Dogecoin price 50% higher. Billionaire and CEO of Tesla (NASDAQ: TSLA) broke his promise of quitting Twitter for a while and Tweeted Thursday about the “meme-based” cryptocurrency. He tweeted that “Dogecoin is the people’s crypto”.

Musk removed Bitcoin (BTC) from his Twitter bio. On January 29, He added #Bitcoin to his bio and helped pushing it 20%. However, Musk who seems to be a fan of Dogecoin insists on sticking to Dogecoin — pushing its price higher every time he tweets about it.
“No highs, no lows, only Doge”, Musk added in the tweet. Furthermore, Musk tweeted a meme featuring himself and dogecoin in Disney’s The Lion King.

Elon Musk says Dogecoin tweets are a joke

Dogecoin — a cryptocurrency that first appeared in 2013 as a joke currently has a market capitalization of $6.3 billion. As of this writing, the digital token is trading at $0.05204 — three cents higher in 24 hours after Musk’s tweet.