DOGE goes up after Elon Musk returned to Twitter … to promote Dogecoin

Dogecoin (DOGE) cryptocurrency price rose 25% in minutes on February 4th after new support the richest man in the world.

DOGE / USD (Bittrex) 1-minute candlestick chart. Source: TradingView

DOGE in the new “Pumping Elon”

Data from Cointelegraph Markets and TradingView showed this DOGE / USD surged above $ 0.05 per token on Thursday, nearing new all-time highs.

muskwho is known to mention Dogecoin and Bitcoin on Twitter but said a few days ago that he is “taking a break for a while”, decreased Post a photo of a rocket and the moon.

DOGE goes up after Elon Musk returned to Twitter … to promote Dogecoin
DOGE goes up after Elon Musk returned to Twitter … to promote Dogecoin

“Doge,” he added comment later with a tweet saying “Ur welcome”, accompanied by a doctor picture of Dogecoin’s Shiba Inu mascot as Simba in the Disney film “The Lion King”.

Immediately after, Dogecoin rose from $ 0.04 to local highs of $ 0.058, while trading volume also rose more than 100% from Wednesday..

The hashtag #ThanksElon also became a trend In the United States.

Bitcoin is approaching the resistance at USD 40,000

As Cointelegraph reported, Musk had already helped fuel an uptrend in Dogecoin by adding to the existing hype from the infamous Reddit group r / Wallstreetbets..

In an interview with Clubhouse, he described his various interactions earlier years using the cryptocurrency as “jokes”, though he considered his best days might yet come.

“”Dogecoin is a joke, of course, to make fun of cryptocurrencies, but fate loves irony“he summarized at the time.

Musk also made headlines after sparking a spike in the price of Bitcoin (BTC) by making it the only article on his Twitter bio.. That came weeks after another signature compliment in which he said Bitcoin was “almost as BS as fiat money.”

“I had to think about it a bit, though Right now I think bitcoin is a good thing and that is why I am a bitcoin supporter like I said late, but I am a bitcoin supporter“he added to the clubhouse.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

On Thursday it was recorded how BTC / USD staged its own comeback and previously reached only brief levels. thanks to Musk’s actions last week.

Musk removes “Bitcoin” from his Twitter bio

At the end of this issue, The pair was around $ 38,660. At the same time, Musk appears to have removed “Bitcoin” from his profile.and prompted the comments of “Elon has become completely bullish on Doge” on the Twitter sphere.

In a special document released this week, Blockchain Research Lab said so That social media advertising should attract more attention in the future.

“While Elon Musk is likely an extreme example of social media influence, There are a large number of comparatively less influential individuals, groups, or companies who share their views on cryptocurrencies through social media“, It is reading.

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