Dogecoin spikes again after a single tweet from the Technoking of Tesla, Elon Musk. One sentence to rule them all.
The currency chart shows a sudden jump from $0.54 to $0.70 an hour after Elon Musk tweeted the plans of sending “literal Dogecoin on the literal moon”. The price change in the past 24 hours has been a whopping 32% making $DOGE reach a two-week high.
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
The tweet was posted only an hour ago.
The love between Elon and Dogecoin isn’t like any other love. This one is different. And, it shows. The man is singlehandedly responsible for making dogecoin spike again and again with his incessant tweets about it. He once put ‘CEO of Dogecoin” in his Twitter profile’s bio as well.
Dogecoin has a cult following. The hashtags ‘DogetoAdollar‘ and ‘DogecoinArmy‘ are often trending on social media. Moreover, almost all posts of Elon Musk receive responses containing $DOGE related images.
Dogecoin Spikes Again:
Cointelegraph has recently posted news about r/dogecoin being the third most active group on Reddit. Although currency was not performing good this week, still the popularity hasn’t diminished on any social platform.
Dogecoin is a meme coin created by a couple of engineers in 2013. It has no intrinsic value. However, there is a strong support base for the currency consistently expanding in the past three months.
The dogecoin adoption is slow as seasoned traders consider it a pump/dump coin. Additionally, the unlimited supply of the currency also goes against it. However, billionaires like Elon Musk and Mark Cuban are constantly popularizing it. Just two weeks ago, Elon shared thoughts on wanting $DOGE’s listing on Coinbase.
$DOGE may or may not reach $1. Regardless, it is providing a great opportunity of earning profits to social traders. Moreover, in the words of Mark Cuban, dogecoin is a lesson on ‘economics’.