Dogecoin, Child Doge Coin Costs Spike After Elon Musk Tweets ‘Launch the Doge’
Dogecoin buying and selling exercise spiked on Thursday morning as Elon Musk as soon as once more pushed the cryptocurrency on his Twitter account.
The Tesla and SpaceX CEO tweeted “Launch the Doge!” at 4:43 a.m. ET at the very same time because the token was experiencing a small worth spike.
It’s unclear if Musk prompted the spike or if his tweet was merely a response to it.
Musk then adopted up with one other tweet, wherein he repeatedly wrote “Child Doge, doo, doo, doo, doo, doo” in reference to the extremely standard youngsters’s music “Child Shark.”
Afterwards, a cryptocurrency token referred to as Child Doge Coin rose sharply in worth and its buying and selling quantity virtually doubled inside an hour.
CoinMarketCap information confirmed that Dogecoin was value round $0.239 earlier than Musk’s first tweet and hit $0.257 about an hour later.
The meme-based cryptocurrency has fluctuated in worth since. It was up simply over 1 p.c on the day as of round 7:30 a.m. ET. Buying and selling quantity remained sharply up.
It’s arduous to present an absolute determine on how a lot Child Doge Coin elevated in worth, as its worth is just too low to be particularly tracked by CoinMarketCap. It was value lower than $0.00000001 earlier than Musk’s second tweet and was up round 30 p.c as of round 7:30 a.m. ET.
Each tweets attracted a number of consideration, with the “launch the Doge” tweet gaining greater than 55,000 likes in simply over two hours.
Musk is commonly related to Dogecoin, the meme cryptocurrency that was launched as a joke in 2013. It’s primarily based on the ‘doge’ web meme that includes a Shiba Inu canine.
He’s additionally seen as influential concerning the token’s worth, together with his tweets usually coinciding with the token’s worth rising.
The other can even occur, nevertheless, equivalent to when the value of Dogecoin tanked after Musk’s extremely anticipated SNL look in Might.
Dogecoin has fallen in worth over the previous couple of months following its all time excessive of $0.73 on Might 8, CoinMarketCap information exhibits.
Cryptocurrencies are infamous for his or her risky costs, and consultants have beforehand warned Newsweek concerning the dangers and risks related to cryptocurrency buying and selling.
Musk can also be recognized for his tweets about bitcoin—the world’s foremost cryptocurrency.
In Might, the value of bitcoin fell after Musk introduced Tesla would now not be accepting it as fee, citing environmental considerations.
He then adopted up by saying Tesla would begin accepting it once more as soon as bitcoin mining turns into greener.
Replace 07/01/2021, 8:00 a.m. ET: This text has been up to date with additional context all through.
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