Dogecoin (DOGE) simply surged 50% after Elon Musk gave the crypto one other bump

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It seems that crypto’s favourite chief government, Elon Musk, simply gave Dogecoin (DOGE) one other bump.

The Tesla and SpaceX chief government just lately spoke to TMZ, the media outlet, about Dogecoin, whereas he later tweeted in regards to the meme cryptocurrency.

This newest flip of occasions comes after a rocky previous week for DOGE, which surged some 900 to 1,000 p.c shortly after it started getting closely shilled on Wall Road Bets, then proceeded to corrected by over 65 p.c within the subsequent sell-off.

Elon Musk messes with Dogecoin once more

Musk seems to be messing with the Dogecoin group as soon as once more, inducing some excessive volatility within the value of the cryptocurrency.

In line with CryptoSlate market knowledge, DOGE has appreciated by over 50 p.c up to now 24 hours, making it one of the best performing digital asset within the high 100 by market capitalization.

This rally comes after movies have been shared on-line of Musk discussing Dogecoin and cryptocurrencies extra broadly on his technique to his automobile.

Chart of DOGE’s value motion over the previous 5 days. Supply: DOGEUSD from TradingView.com

In line with a TMZ video from Saturday night, he stated that he thinks that cryptocurrencies are doubtless the place the world’s financial techniques are going. When requested to elaborate on that reply, he half-joked that Dogecoin may very well be on the middle of that, including that “destiny likes irony.”

Musk elaborated that whereas Dogecoin was created to make considerably of a mockery of Bitcoin and different “actual” cryptocurrencies, Dogecoin was formulated as a joke.

Musk seems to be addressing the topic in a extra jovial temper on Twitter.

He just lately posted the photograph under, which went viral. The photograph exhibits him holding up quite a lot of different celebrities, and on the high, the Shiba Inu canine generally known as the face of Doge.

Musk’s feedback in regards to the joke cryptocurrency come shortly after different celebrities comparable to Gene Simmons of KISS and Kevin Jonas of the Jonas Brothers have commented on Dogecoin in a optimistic method.

A market high?

Whereas early DOGE patrons are up on their holdings, Michael Novogratz, CEO of Galaxy Digital, is looking for some rationality.

He stated that he thinks “the $DOGE frenzy is gonna finish poorly” due to “greed and gravity.” Novogratz added that “$DOGE doesn’t have a goal,” which is a critique that many have introduced up over current weeks.

Disclaimer: This writer is an analyst at ParaFi Capital. ParaFi Capital might maintain positions in belongings talked about on this article. The views displayed on this article are opinions of the writer—and the writer solely. 

Dogecoin, at the moment ranked #10 by market cap, is up 22% over the previous 24 hours. DOGE has a market cap of $9.72B with a 24 hour quantity of $13.77B.

Dogecoin Value Chart

DOGEUSD Chart by TradingView

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