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.
