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Dogecoin soared 25% thanks to a simple tweet from Elon Musk about the cryptocurrency

Earlier this Sunday, the Tesla and SpaceX CEO went to Twitter to despise Bitcoin and caused a significant surge in DOGE.

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Dogecoin soared 25% thanks to a simple tweet from Elon Musk about the cryptocurrency
Dogecoin soared 25% thanks to a simple tweet from Elon Musk about the cryptocurrency


The ability to Elon Musk influence the markets with just a few words. This Sunday has the Cryptocurrency Dogecoin Increased Its Value by About 25% after the second richest man in the world mentioned them Twitter

It all started in the early hours of this December 20th when musk wrote in his official report that “Bitcoin is my safe word”. Moments later he clarified: “Just kidding, who needs a safe word?”.

Then it is CEO of Tesla and SpaceX shared a meme alluding to how tempting it is to invest in something Bitcoin Keep in mind that this week the popular cryptocurrency hit an all-time high above that $ 23,000.

Minutes later, musk expressed his contempt for the same cryptocurrency. “Bitcoin is almost as crappy as fiat money”he wrote in another tweet.

He Fiat money or inorganic money It’s one that isn’t based on the value of precious metals. Instead, it is backed by the general belief that it has value, i.e. the trust of a society. For example he dollar, the Pound Sterlinghe Euro and the And in They are fiat money.

The most interesting thing happened around 3:30 a.m. in central Mexico when the tech mogul posted a short tweet that only said: “One word: Doge”.

Musk stopped saying anything about cryptocurrency or inviting investors to invest, but he changed his Twitter bio to “Former CEO of Dogecoin”.

Image: Twitter / @ elonmusk

The simple mention The value rose almost instantly by 17% from $ 0.0039 to $ 0.0046. In the following hours he reached a profit of almost 25%which “dropped” to 15% about 12 hours after Musk’s tweet.

The last time the businessman alluded to dog was in July 2020 when he said he was expecting one “Future standard for Dogecoin” and at this moment increased by 14%.

What is Dogecoin and where does it come from?

Also known as dogis a cryptocurrency derived from Litecoin created in December 2013. It is based on the famous internet meme “doge”, a Shiba Inu dog also known as “Cheems”. While it was originally a joke coin, internet users were quick to adopt it.

Its popularity took off last July as a user of Tick ‚Äč‚Äčtock They started a campaign to push the price of Dogecoin above a dollar, CoinDesk reported at the time.

According to CoinMarketCap, the Dogecoin 41st place among the top decentralized financial tokens (DeFi). The market capital is close $ 574 million, a number that is much lower than other cryptocurrencies. For example he Bitcoin has a market capital greater than $ 448 billion.

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