thecoinrepublic.com
- Following Musk’s tweet, Dogecoin prices witnessed an around 20% surge, gaining a market cap of over $50 billion.
- Musk began his Doge-supporting tweets in February.
- The overall global financial markets witnessed rising trends attributing to the revival of interest in cryptocurrencies.
Following Tesla boss Elon Musk styling himself as “Dogefather” on Twitter (TWTR), before his appearance on U.S. comedy show Saturday Night Live (SNL), the meme-token, Dogecoin (DOGE) prices witnessed an around 20% surge.
‘The Dogefather‘
On Wednesday, the SpaceX designer tweeted “The Dogefather” to his 52 million followers.
Ultimately, the “Doge” meme-inspired crypto asset, Dogecoin prices rose from $0.26 to $0.32, which sprang it back from last week’s decline to the highs it enjoyed just two weeks ago.
Dogecoin (DOGE)
Designed by software engineers Billy Markus and Jackson Palmer, the token first came into existence in 2013 as merely a joke. It was created as a faster and “fun” alternative to Bitcoin, mocking the then-emerging numerous fraudulent crypto tokens. Thanks to the surges, Dogecoin has a market cap of more than $50 billion.
Pumped Prices
Earlier this year, Dogecoin was boosted by over 800%. This pump was mainly driven by SatoshiStreetBets, a Reddit group whose members aim to pump up the prices of cryptocurrencies, just like how the subreddit WallStreetBets helped fuel a rally in GameStop shares at the start of 2021.
Musk started tweeting about it in February. The Dogecoin Twitter series began with just the word “Doge,” followed by “Dogecoin is the people’s crypto,” and “No highs, no lows, only Doge.”
Global Financial Markets
According to Yahoo Finance, the rise wasn’t limited to just one token; the overall global financial markets witnessed similar trends attributing to the revival of interest in cryptocurrencies. Even the world’s two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), reached new all-time highs.
Crypto-Supporter Musk
This isn’t the first time that the billionaire entrepreneur has influenced the crypto market. With his tweets, Musk previously supported the flagship crypto Bitcoin. He was involved in the price spikes leading to speculations of the U.S. regulators investigating him for potential market manipulation.