Elon Musk's Effect Is Back On Board: Dogecoin Grew By 14%

A recent tweet from Tesla CEO Elon MUSK, where he wrote that DOGE could become a reserve cryptocurrency, triggered a 14% rise of Dogecoin price.

Dogecoin, a joke cryptocurrency created by programmer Billy MARCUS in 2013, has been buzzing around from time to time. Despite its acquired disrepute in the crypto community, the coin has managed to attract the attention of thousands of loyal followers, including Tesla CEO Elon Musk.

According to the CoinMarketCap website, after the posted Musk's tweet, the price of Dogecoin rose by almost 14% and its market capitalization climbed to $40 mln within minutes. A crypto enthusiast under the pseudonym "CryptoWhales" noted that the incident shows how volatile the markets are and how easily they can be manipulated at the moment.

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