Dogecoin Jumps New Height, Following Elon Musk Tweet

Deepshikha  |  Apr 15, 2021

Elon musk’s fav ‘Dogecoin’ has experienced its first Elon Musk-driven jump in over a month.  Amazing the world with a video macaque playing a video game with its brain earlier this month, billionaire Elon Musk is once again found tweeting about Dogecoin. Over a month-long break, the dogecoin has gained a twelve percent hike overall. 

Elon Musk Interest In Cryptocurrencies

Following a thread of cryptic tweets with emojis, Musk tweeted about a painting of Spanish painter and sculptor Joan Miró, calling it "Doge Barking at the Moon" instead of "Dog Barking at the Moon" in a reference to his ‘favorite’ dogecoin. 

The Tesla chief's tweets about certain companies and cryptocurrencies have sent their prices soaring in recent weeks. Shares in GameStop, Etsy, and CD Projekt have jumped following comments on his Twitter account about them.

Leading almost 12 percent since Musk's casual tweet on the Binance exchange, the crypto asset is coming awfully close to a new all-time high.

Cryptocurrencies Gaining Traction with More Mainstream Investors

A month ago, cryptocurrency trader Andrei Badoiu came up with a program that automatically invests a certain amount in Bitcoin every time Elon Musk tweets about it. Cryptocurrencies are gaining traction with more mainstream investors. The euphoria boosted the total market value of all cryptocurrencies above $1 trillion for the first time earlier in January. Meanwhile, rival cryptocurrency Ethereum is also on a record-setting spree as investors buy it before the launch of Ethereum futures on the Chicago Mercantile Exchange next week.

Ethereum rose to a record high of $1,698.56 before giving up some of those gains to trade 2.7% lower in early London trading. Bitcoin, the most popular cryptocurrency, also fell 1.2% to $37,184. The billionaire easily moves the prices of cryptocurrencies with any Twitter mention.       

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