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Doge Token Pumps After Elon Musk Tweets ‘Dogecoin Is the Individuals’s Crypto’

02/04/2021

Elon Musk has tweeted that dogecoin is individuals’s crypto shortly after the billionaire pledged to go off the social media platform for whereas. By the way, the token, which traded at $0.0411 on February 3, surged to $0.0588 simply as Musk was tweeting.

Doge Token Pumps After Elon Musk Tweets 'Dogecoin Is the People’s Crypto'

Nonetheless, on the time of writing, the token appeared to have retreated to $0.0541, a value which continues to be 60% greater than that of February 3. Following Musk’s earlier tweets concerning the token, dogecoin’s value surged to an all-time excessive (ATH) of $0.0791, in keeping with Messari information. On the time of writing, the token continues to be up by greater than 400% within the week whereas its market capitalization stands at $6.74 billion.

Equally, when Musk amended his Twitter account bio to incorporate bitcoin, the crypto’s worth surged by greater than 20% in a couple of hours.

Doge Token Pumps After Elon Musk Tweets 'Dogecoin Is the People’s Crypto'

In the meantime, not everyone seems to be impressed with the billionaire’s tweets which have ranged from pumping the dogecoin token to supporting Wallstreetbets merchants.

Some analysts have accused Musk of intentionally tweeting about sure shares and crypto belongings for his and his mates’ profit. Consequently, others need now regulators to get entangled after alleging that Musk’s market-moving tweets are hurting ‘the little man.’ Some Twitter customers imagine that is what might have prompted Musk, one of many world’s richest individual, to announce that he was going off Twitter.

Doge Token Pumps After Elon Musk Tweets 'Dogecoin Is the People’s Crypto'

Nonetheless, since ending his transient self-imposed exile from Twitter, Musk has talked up the dogecoin in not less than 5 tweets. On Twitter, some customers thanked Musk for serving to them revenue the token whereas others requested if he might do the identical for different tokens. Nonetheless, others like one Twitter consumer, Poison joked that he had incurred losses “as a result of I listened to you man.”

What do you consider Musk’s tweets about dogecoin? You’ll be able to share your ideas within the feedback part beneath.