A recent tweet by the Tesla CEO, Elon Musk, where he posted that Doge could become a reserve cryptocurrency, has pushed the Dogecoin price higher by 14%.
Dogecoin is a digital asset modeled after a renowned 2013 meme of Shibu Inu dog, Doge since its introduction as a “joke currency” by programmer Billy Markus, in 2013 had garnered disrepute in the crypto community.
However, the disrepute could not block the coin from enticing thousands of loyal followers among them is the Tesla CEO, Elon Musk.
Musk’s tweet came just about a couple of days after the unceremonious twitter confiscation which got hold of several celebrity accounts including that of the likes of Bill Gates, Warren Buffet and even Musk was not left out.
According to reports from a trusted coin metric website, CoinMarketCap, the price of Dogecoin went virtually high to add up about 14% and its market cap surged to hit $40 million, within minutes after Musk’s tweets.
Reacting to the development a crypto enthusiast under the pseudonymous “CryptoWhales” commented that the incident signifies how volatile the markets are and how easily they could be manipulated at the moment.
Recall that Elon Musk had purposefully in the past claimed to be the CEO of Dogecoin, the Tesla CEO back then edited his profile to reflect that he was the Dogecoin CEO, but shortly afterward he removed the title on his profile with a claim that he had retired.
Justin Sun Persuades Elon Musk to Buy Bitcoin
NewsLogical had earlier reported that the BitTorrent CEO and founder of TRON Justin Sun, had persuaded Elon Musk into buying Bitcoin, this was after Musk declared that he was selling off almost all his physical properties.
Justin Sun advised Musk to invest his fund into Bitcoin after liquidating his physical assets, but the Tesla and SpaceX founder said his girlfriend, Claire Elise Boucher, a Canadian musician with whom Musk has been in a relationship for about two years, is against the move.
Musk sometimes in the past claimed he has some Bitcoin which he received from a friend, remarking that the Bitcoin technology was brilliant.