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Dogecoin Price Surged After Elon Musk Tweets “Dogecoin Is The People’s Crypto”

Report said that the price of Dogecoin has surged to an all-time high (ATH) of $0.0791 after the world’s richest man Elon Musk tweeted about the token.

Doge — Elon Musk (@elonmusk) February 4, 2021

It has been reported that Musk has tweeted that Dogecoin is the people’s crypto shortly after the billionaire pledged to go off the social media platform for a while.

Dogecoin is the people’s crypto — Elon Musk (@elonmusk) February 4, 2021

However, the token, which traded at $0.0411 on February 3, surged to $0.0588 just as Musk was tweeting.

The report said that the token appeared to have retreated to $0.0541, a price which is still 60% higher than that of February 3. According to the report, the token is still up by more than 400% in the week while its market capitalization stands at $6.74 billion.

Likewise, when Musk amended his Twitter account bio to include the term Bitcoin, the crypto’s value surged by more than 20% in a few hours.

It has been analyzed that some analysts have accused Musk of deliberately tweeting about certain stocks and crypto assets for his and his friends’ benefit. Consequently, others now want regulators to get involved after alleging that Musk’s market-moving tweets are hurting “the little guy.”

Some Twitter users believe that this is what may have prompted Musk to announce that he was going off Twitter.

Off Twitter for a while — Elon Musk (@elonmusk) February 2, 2021

Since ending his brief self-imposed exile from Twitter, Musk has talked up the Dogecoin in at least five tweets.

Thus, on Twitter, some users thanked Musk for helping them profit from the token, while others asked if he could do the same for other tokens.

Source: Bitcoin News



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