On 4th February, the price of Dogecoin took a steady jump of 25% in a few minutes. The recent rise of the meme coin resulted from Tesla CEO Elon Musk’s recommendation for it. The data released by TradingView and Cointelegraph Markets depicts that the altcoin has crossed $0.05 price per token and it is moving towards its new all-time high for the month. Musk recently mentioned Bitcoin and Dogecoin in his tweets that showed their immediate effect on the cryptocurrency market.
The Elon Musk Effect On DOGE Price
A few days ago, Musk announced to take a break from Twitter. Soon He came back to the social media platform again and mentioned “Doge” in a comment. He later posted an edited picture showing him holding up the meme coin logo in “The Lion King” style with the caption – “Ur welcome”.
As an effect of this pump from Elon Musk, the altcoin took a jump from $0.04 to $0.058. The trade volume of it also raised over 100% from its respective value of Wednesday.
The influence of the richest man in the world is undoubtedly visible in the bullish movement of DOGE price. In this regard, a new trend of #ThanksElon began in the U.S.
Musk said in a recent interview with Clubhouse that Dogecoin was introduced as a mere joke to mock cryptocurrencies but ironically, it is now a digital currency itself.
The pump from Musk also came for Bitcoin when he mentioned it in a Twitter post making the price surge remarkably in a few hours. When asked about his social media posts and their respective effects on cryptocurrencies, Musk said that he reckons Bitcoin as a good asset and he is a Bitcoin supporter. He added that though he joined with Bitcoin quite late, he still is a genuine supporter of the cryptocurrency.
While Musk has currently removed the name of Bitcoin from his bio on Twitter, he is now being considered to be a full-fledged DOGE supporter.
