Elon Musk boosts Dogecoin by 76% with a rocket tweet

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Tesla CEO Elon Musk has simply boosted “meme crypto” Dogecoin (DOGE) within the stratosphere by simply tweeting {a photograph} of a rocket taking off and including a single phrase to it: “Doge.”

In only one hour, the value of DOGE surged by as much as 75.6% and reached round $0.056. The coin’s 24-hour buying and selling quantity has additionally exceeded $7 billion whereas its market capitalization at the moment quantities to $6.4 billion.

After witnessing what he did—once more—Musk has burst right into a collection of meme-tweets, beginning with “ur welcome.”

Subsequently, Tesla CEO additionally acknowledged—in fast succession—that “No should be a gigachad to personal,” “Dogecoin is the individuals’s crypto,” “No highs, no lows, solely Doge,” and “Low-key Loki.” For the document, Musk didn’t make clear whether or not he was really trolling his 45.1 million followers or not.

In the meantime, shortly after the Musk-propelled Dogecoin rocket gained quite a lot of momentum, CoinGecko reported that its platform is “over capability,” maybe resulting from a sudden inflow of DOGE persons and space-loving customers.

CoinGecko is "over capacity"
CoinGecko is “over capability.” Supply: CoinGecko

As CryptoSlate reported, DOGE turned the subsequent goal—after GameStop’s inventory (GME)—of a motion sparked by Reddit group WallStreetBets (WSB). Initially, nameless retail merchants banded collectively to pump GME—an asset that was closely shorted by huge Wall Road hedge funds.

GME shorting signifies that institutional merchants had been profiting off of the inventory’s value taking place. When the WSB military boosted GME by over 1,500% in only one month, hedge funds equivalent to Melvin Capital suffered big losses. And that’s precisely what WSB’s plan was.

Only a week in the past, DOGE already surged by 800% and entered the highest 10 cryptocurrencies as WallStreetBets turned its sights to crypto. After Musk’s tweet at this time, the coin shortly jumped from 14th to twelfth place already.

For extra info, discover all meme cash on CryptoSlate.

Dogecoin, at the moment ranked #12 by market cap, is up 57.96% over the previous 24 hours. DOGE has a market cap of $6.43B with a 24 hour quantity of $10.71B.

Dogecoin Value Chart

DOGEUSD Chart by TradingView

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