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Elon Musk does it again: Cryptocurrency Dogecoin records spike in price after tweet

Musk earlier rallied for Dogecoin that led to an all time high of $0.065448, up about 35% from its 24-hour low of $0.048356.

March 19, 2021 / 10:48 PM IST

SpaceX and Tesla chief Elon Musk's tweet has led to a spike in the price of cryptocurrency Dogecoin after he replied to a user on the microblogging platform.

Replying to a tweet that said: “This tweet is not about Bitcoin. Not everything is about Bitcoin. Or is it?” Musk said that sometimes, it is about dogecoin. After the tweet at around 2:45 AM IST (GMT +5:30), the price of Dogecoin rallied at around 3 AM, according to Coindesk. The 24-hour change recorded, however, wasn’t made up for by this spike. It still stood at -2.05percent, News18 said.

This is not the first time that the technocrat's tweet led to a rise in the price of a cryptocurrency. Musk earlier rallied for Dogecoin that led to an all time high of $0.065448, up about 35 percent from its 24-hour low of $0.048356, according to CoinDesk in early February.

However, the meme cryptocurrency's price later dropped again before climbing back to about 25 percent gain. Musk on February 14 said there is "too much concentration" among major Dogecoin holders, and said he will support them if they sell most of their coins.

"If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo," Musk said.

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In a subsequent tweet on February 15, Musk clarified that he will pay money if the major Dogecoin holders "void their accounts". "I will literally pay actual $ if they just void their accounts," Musk said.

He has frequently tweeted about Bitcoin also, even recently adding "#Bitcoin" to his Twitter bio, which has now been deleted.
Moneycontrol News
first published: Mar 19, 2021 10:56 am
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