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The Dogecoin cryptocurrency hit a 20% increase on Sunday. Following a tweet by  Elon Musk. The billionaire businessman's favorite crypto Dogecoin reached a total market capitalization of $588 million, per OnChainFX.

Musk who is the founder and chief exec of Tesla, SpaceX, Solar City, Boring company, and many multi-million businesses tweeted on his 40 million followers account saying: “ One word: DOGE “.

One word: Doge

— Elon Musk (@elonmusk) December 20, 2020

The tweet resulted in many people instantly investing in the cryptocurrency and it consequently spiked to $0.00047. The current price is the meme-based cryptocurrency’s highest level during months, its last peak was in last July when TikTok users launched a campaign to raise the price of 1 Doge above $1.

Meanwhile, Musk who wrote on his account biography on Sunday morning “Former CEO of Dogecoin” doesn’t seem to like Bitcoin that much, he called it “a BS like a fiat money” on one of his tweets on the same day he praised the dogecoin.

Bitcoin is almost as bs as fiat money

— Elon Musk (@elonmusk) December 20, 2020

However, the unusual tweets about Bitcoin and Dogecoin raise many questions on whether Elon’s Twitter profile is hacked again, especially with the recurring hacks of celebrities' accounts, such as Barack Obama, Elon Musk, and Donald Trump to name a few.

In July, authorities arrested two a 17-year-old boy from Florida name Graham Clark, who was accused of hacking the Twitter accounts of famous people including Musk.

What about Bitcoin?

Bitcoin cryptocurrency is also on the rise since days, after Ruffer Investment invested $749 million. The coin hit three new records on three consecutive days, and the currency's resistance range is at $23,600 to $23,800 on Bitftinex.

Typically, the price is estimated to increase, especially with the growing interest of financial institutions in the coin. Last week, MicroStrategy invested $650 million, and Mass Mutual also invested $100 million.

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