In the first week of June last month, Dogecoin’s value rose by 15 percent in 24 hours after crashing two weeks before and remaining stagnant.
The price of Dogecoin in India had dropped significantly, but between June 1 and June 3 went from approximately Rs. 23 to about Rs. 31. Full credit was given to the tweets from the central rider himself -SpaceX CEO Elon Musk.
And that is how it has always been; his social media posts often lead to sudden spikes in the token’s price, whether Bitcoin or lesser-known ones as doge. Thus, the market response since Thursday is no surprise as well.
Dogecoin had been trading in the red but has made a quick lift into the green again, lifting as high as 7-10% – from below $0.24 to $0.2573 – following Musk’s tweets effect, according to CoinMarketCap data.
Without a doubt, Musk has become one of the biggest drivers of the cryptocurrency markets in 2021. He rises and falls the Bitcoin price whenever he wishes, as seen when he recently affected the sharp fall in the value of Bitcoin, which it still suffers till now.
This happened a few months back when he stopped the payments for Tesla electric cars in the token and attacked its energy use.
On the flip side, the tech guru has long been a supporter of Dogecoin; a joke token started in 2013. Lately, he has been making known his work with developers to try to improve its efficiency, and of course, take the coin alongside humans to the “moon”.
Featured image from Pixabay, chart from TradingView.com