Dogecoin rises 7% after tweets by Elon Musk revive interest in the token, while bitcoin and ether slip
By Harry Robertson
- Dogecoin rose as much as 7% after two Elon Musk tweets, underscoring his influence on the token.
- The Tesla CEO tweeted a meme of The Godfather, with the caption: “Release the Doge!”
- Musk has become a key driver of cryptocurrencies, and is particularly interested in dogecoin.
Dogecoin climbed as much as 7% on Thursday after two new tweets from Elon Musk drove buyers towards the cryptocurrency.
The Tesla chief executive posted a meme of Marlon Brando in The Godfather, with the caption: “Release the Doge!” He then tweeted a song about dogecoin.
Dogecoin had been trading in the red but swiftly jumped back into the green, rising as much as 7% – from below $0.24 to $0.2573 – after Musk’s tweets, according to CoinMarketCap data.
By 9.30 a.m. ET, dogecoin was up 3% over a 24-hour period at $0.2531. Meanwhile, both bitcoin and ether traded lower.
The Tesla boss has long been a supporter of dogecoin, a joke token started in 2013. Recently he has said he’s been working with developers to try to improve its efficiency.
Musk has not always been a positive influence on the token, however. Many doge investors hoped he would use his appearance on Saturday Night Live in May to boost the token, but he instead called it a “hustle.”
Dogecoin has fallen more than 65% since Musk’s SNL performance. Yet the token’s price has rebounded over the last week, along with bitcoin and other cryptocurrencies.