Elon Musk posted a series of tweets about the Dogecoin cryptocurrency, after which Dogecoin price rose from $0.040 to $0.059 in no time.
Dogecoin has increased more than 300% in a week.
Last week, the Tesla founder posted the word “Bitcoin” in his Twitter profile. As a result, the Bitcoin price jumped to $37,000 from $32000.
Now Musk has removed Bitcoin and started posting tweets related to Dogecoin. First, the head of Tesla tweeted “Doge,” and a few minutes later added a few more sentences: “Dogecoin is the people’s cryptocurrency,” then “No ups and downs, only Doge.”
Such statements by Musk led to an increase in the price of Dogecoin in a matter of minutes. At the time of writing, the coin is trading around $0.0479.
Dogecoin is the people’s crypto
– Elon Musk (@elonmusk) February 4, 2021
No need to be a gigachad to own
– Elon Musk (@elonmusk) February 4, 2021
Musk also believes that Bitcoin is already on the verge of widespread adoption in the financial sector. A few days ago, Musk called himself a Bitcoin supporter, regretting that he did not buy bitcoin as soon as he learned about it. To date, the market capitalization of Bitcoin exceeds $700 billion, and its price continues to stay within $35,500 to $37000 range.
This is not the first time Elon Musk has expressed sympathy for Dogecoin. In December, he also tweeted just the word “Doge” as the coin’s price jumped more than 200%.
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