Dogecoin buying and selling exercise spiked on Thursday morning as Elon Musk as soon as once more pushed the cryptocurrency on his Twitter account.
The Tesla and SpaceX CEO tweeted “Launch the Doge!” at 4:43 a.m. ET at the very same time because the token was experiencing a small value spike.
It’s unclear if Musk induced the spike or if his tweet was merely a response to it.
Musk then adopted up with one other tweet, by which he repeatedly wrote “Child Doge, doo, doo, doo, doo, doo” in reference to the extremely fashionable youngsters’s track “Child Shark.”
Afterwards, a cryptocurrency token referred to as Child Doge Coin rose sharply in worth and its buying and selling quantity nearly doubled inside an hour.
CoinMarketCap knowledge confirmed that Dogecoin was price round $0.239 earlier than Musk’s first tweet and hit $0.257 about an hour later.
The meme-based cryptocurrency has fluctuated in value since. It was up simply over 1 p.c on the day as of round 7:30 a.m. ET. Buying and selling quantity remained sharply up.
It’s laborious to present an absolute determine on how a lot Child Doge Coin elevated in value, as its value is just too low to be particularly tracked by CoinMarketCap. It was price lower than $0.00000001 earlier than Musk’s second tweet and was up round 30 p.c as of round 7:30 a.m. ET.
Each tweets attracted a number of consideration, with the “launch the Doge” tweet gaining greater than 55,000 likes in simply over two hours.
Musk is commonly related to Dogecoin, the meme cryptocurrency that was launched as a joke in 2013. It’s primarily based on the ‘doge’ web meme that includes a Shiba Inu canine.
He’s additionally seen as influential concerning the token’s worth, together with his tweets usually coinciding with the token’s value rising.
The other also can occur, nonetheless, comparable to when the worth of Dogecoin tanked after Musk’s extremely anticipated SNL look in Might.
Dogecoin has fallen in value over the previous couple of months following its all time excessive of $0.73 on Might 8, CoinMarketCap knowledge exhibits.
Cryptocurrencies are infamous for his or her risky costs, and consultants have beforehand warned Newsweek concerning the dangers and risks related to cryptocurrency buying and selling.
Musk can also be recognized for his tweets about bitcoin—the world’s foremost cryptocurrency.
In Might, the worth of bitcoin fell after Musk introduced Tesla would not be accepting it as fee, citing environmental considerations.
He then adopted up by saying Tesla would begin accepting it once more as soon as bitcoin mining turns into greener.
Replace 07/01/2021, 8:00 a.m. ET: This text has been up to date with additional context all through.