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Elon Musk Sets Dogecoin on Fire, DOGE Price Up Over 50%

| Updated
by staff writer · 3 min read
Elon Musk Sets Dogecoin on Fire, DOGE Price Up Over 50%
Photo: Shutterstock

Following today’s remarks from Musk, Dogecoin price has rallied by 55%.

The world’s richest man is once again talking about crypto. This time about his ‘favorite’ crypto Dogecoin. Elon Musk after bidding goodbye to his followers on Twitter a few days ago is back. More importantly, his return has been marked by a series of tweets about Dogecoin. The tweets on Dogecoin by Musk have since lit the crypto community and sent DOGE price soaring by over 50% in the last few hours.

Elon Musk has shier power to move the market with a single Tweet. Dogecoin has enjoyed this power after the entrepreneur unleashed a series of positive comments about the coin. One key one being “No highs, no lows, only Doge.” Musk also shared a Lion King-inspired Meme where he was holding up in the sky the Dogecoin shiba inu dog icon. In a matter of minutes, his tweets have been retweeted and quoted thousands of times and have seen Musk become a trending topic around the world.

Surprisingly he also proclaimed that Dogecoin the people’s coin. This, just days after stating that it would be entertaining if Dogecoin became the currency of earth in the future. His comments came while explaining his relationship with Doge, to which he said that it was always a joke. But now he might be taking the joke too far. Since he was keener on Bitcoin “being a good thing,” most thought Musk would in future talk about Bitcoin. But it seems Musk is throwing his support on DOGE which could easily see it really become the currency of earth in the future. Well, earth or Mars if Musk’s SpaceX will successfully get people to live there.

The Tesla CEO has in the past stated that he holds DOGE and recently admitted that he thinks he is late in buying Bitcoin. With Bitcoin price nearly $40K and DOGE still under $1, maybe he might be considering stacking up on DOGE.

DOGE Aims for Top Ten Rank

Following today’s remarks from Musk, Dogecoin price has rallied by 55%. At the time of press, prices have reached $0.05338 having begun the day just above $0.031. Data now shows that DOGE has gained by 320% in the last 7 days despite a selling spree during the weekend. The price movement has further seen the coin edge closer to the top ten ranked coins. Coming from under 20 early in the year, DOGE has been steadily climbing and at the time of press has reached 12th. With less than $1.5B between it and tenth place Bitcoin Cash (BCH), a further price pump in the next few days could see it flip BCH.

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