Elon Musk sent Dogecoin to the Moon with his Simba style tweet yesterday. After a frenzied upward surge last week, this is the second time $DOGE is on the rise.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
In the last week of January, meme crypto coin DOGE had a moment when the retail investors’ interest pushed its price by 800%. Things became more interesting in the first week of February when Elon Musk, The CEO of Tesla and SpaceX, sent Dogecoin to the moon by tweeting about the currency. The coin increased 58% in price immediately afterwards.
The dogecoin’s price is at 0.07 USD. In the past 24 hours, it has increased by 17%. The trading activity is on the rise as everyone is trying to take advantage of this move. The trading volume has increased by more than 200%. Whereas, the market cap of $DOGE is up by 16%.
Many hodlers of dogecoin whish to see it reach the 1 USD in value. However, that still seems like a distant dream.
The Dump May Follow:
Dogecoin euphoria is ongoing. Trader and hodlers of $DOGE are on cloud nine. However, a market dump may follow this pump as it happened in the last week.
The pragmatic traders are ready to embrace the dump as well. One of the Twitter users expressed his sentiments in the following words:
We didn’t reach into the .06¢ mark. But THATS OKAY.
This pump happened, and it followed a huge dump of millions of coins.
But so what? We held the floor!
— Buyhodler (@buyhodler) February 5, 2021
The dogecoin has had a fun ride. It has proved the power of the internet as we all saw how social media discourse impacts the real-life arena.