Dogecoin Value Rises by 50% After Musk’s Tweet

Dogecoin is recording another massive gain in its value after the richest man in the world, Elon Musk, tweeted about the meme coin again.

The crypto asset had experienced a bull run that culminated in it breaking into the list of the top 10 cryptocurrencies by market cap. However, the value of the asset witnessed a massive drop in value after most of the traders took interest in Ripple’s XRP. This left many investors crestfallen about the meme coin but its recent surge shows that the bull run is about to commence again.

Musk’s tweet had pushed the value of the asset higher by 50% as many traders took the tweet to mean a buy signal which resulted in a more massive purchase of the coin. This would not be the first time that a tweet from the Tesla founder has pushed the value of the asset higher. Same thing panned out in December and in January where the value of the coin increased by almost 250%.

Traders from WallStreetBet have also played a part in the rise of the coin. Immediately regulations were enforced on the traditional trading platform most of these investors were trading the GameStop shares, they diverted their attention towards the crypto industry and their choice of asset was the Dogecoin which reacted positively to the attention.

Businesses now Adopting Dogecoin as a Payment Option

The coin which used to be the butt of jokes is now being taken seriously by crypto traders who see it beyond a laughing stock now. Recently, Kronos Advanced Technologies announced that it would start receiving payments with the crypto asset. A popular crypto exchange, BitMEX is also going to be launching a perpetual swap contract for the crypto asset. 

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts