Dogecoin was just born out of a joke when Palmer splashed a dog’s face along with the Comic Sans text on the logo. The peculiar characteristic is the relation between Elon Musk and his tweets on Dogecoin. Whenever he tweets on Dogecoin, its price seems to get a liftoff.
A similar activity was witnessed on April 1, where Elon Musk happened to tweet on sending Dogecoin to the ‘literal moon’, which in no time helped in pumping the meme cryptocurrency’s price to 35% in minutes, hitting six-week highs.
Immediately after the tweet, Dogecoin reached a peak of $0.07 before cooling off, but still is continuing on the gains. It started with just $0.004 at the beginning of 2021, DOGE’s YTD gains stand at over 1,500% as of April 1.
Elon has associated himself with Dogecoin quite a couple of times since 2019, when he tweeted on the crypto to be pretty cool and regarded it as his favourite cryptocurrency.
Recently, he even happened to make his 9-month-old son the proud owner of some Dogecoin (DOGE) by referring to him as a “toddler HODLer.”
Later in December 2020, Elon Musk evoked the Dogecoin pump again with his tweet. The Dogecoin cryptocurrency exchange rate experienced a 15 percent rise within half an hour. With Musk’s tweet. the capitalization surged from $500 million to $600 million.
Latvian national carrier airBaltic happened to announced some days ago that passengers will be able to book flights using DOGE, and other altcoins. Elon’s tongue-in-cheek trait with favoring cryptocurrencies is directly proportional to the price surge of the particular cryptocurrency.