Mimi-based cryptocurrency DOGE gained 25% in minutes on February 4 after the recent approval of the world’s richest man.
A dog in the new ‘Ilon Pump’
Data from Cointelegraph Markets and TradingView showed that DOGE / USD jumped more than $ 0.05 per symbol on Thursday and approached new full time points.
Musk, who is known for tweeting Dogecoin and Bitcoin, but just a few days ago said he was taking a “short break”, returned to posting a picture of the rocket and the moon.
He added, in a subsequent comment, “Doge”, after which the tweet “Hello Welcome” was accompanied by a distorted image of Shiba Inu Dogecoin’s mascot as Simba in the Disney movie The Lion King.
Immediately after, Dogecoin jumped from $ 0.04 to a local high of $ 0.058, and volume also increased by more than 100% on Wednesday.
The hashtag #ThanksElon is also becoming popular in the United States.
Bitcoin sees resistance of $ 40,000
As reported by Cointelegraph, Musk actually helped launch the bullish Dogecoin movement, adding to the current hype created by the infamous Reddit group, r / Wallstreetbets.
In an interview with Clubhouse, he described his past interactions with cryptocurrency as “jokes,” despite his belief that the best days might lie.
He concluded, “It’s clear that Dogecoin is made as a joke to poke fun at cryptocurrencies, but destiny loves mockery.”
Musk also grabbed the headlines after the Bitcoin (BTC) price spike, making him the only item on his Twitter bio. This came a few weeks after another featured compliment, in which he said that Bitcoin was “rubbish like paper money.”
He added, “I had to think about it a little bit, but at the moment I think Bitcoin is good, so I’m a bitcoin fan, as I said, I’m late for the party, but I’m a bitcoin supporter” to the club.
The BTC / USD pair bounced back on Thursday, reaching levels previously seen only briefly thanks to Musk’s actions last week.
Musk removes Bitcoin from Twitter’s biography
At the time of writing, the pair is valued at $ 38,660. Meanwhile, Musk appears to have removed “Bitcoin” from his profile, which led to comments “Elon is deadly” appearing on Twittersphere.
In a special article published this week, the Blockchain Research Lab stated that these social media ads should receive additional attention in the future.
“While Elon Musk is likely a good example of influence through social media, there are a large number of relatively less influential individuals, groups, or companies who are expressing their opinions about cryptocurrencies via social media,” she says.