Dogecoin Jumps up Briefly as Elon Musk Maintains Support for Crypto
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Dogecoin briefly jumped by as much as 10% on Monday morning after a tweet by Elon Musk about cryptocurrencies
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The Tesla CEO revealed that he will not be selling his crypto holdings which includes DOGE, Bitcoin, and Ethereum
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The billionaire claimed that it is better to own physical assets like stocks and homes rather than the dollar when inflation is high
World’s richest person and Tesla CEO, Elon Musk is causing movements in the crypto market with his tweets once again. The billionaire revealed on Monday morning, that he owns Bitcoin, Ether, and Dogecoin and doesn’t plan to sell them.
Following the billionaire’s tweets, Dogecoin briefly jumped by 10%. At about 4:17 am (Nigerian time) on Monday, the dog-themed cryptocurrency was exchanging hands at $0.122, up from $0.111 a few minutes ago.
The spike may have been driven by automated trading bots that track cryptocurrency mentions from popular accounts on social media, with the hope of catching the rise.
The price of DOGE has since slumped back to $0.113 from the morning spike, according to data from CoinMarketCap.
Read also: Apple Co-Founder Steve Wozniak Predicts Bitcoin to $100,000
This is not the first time that Elon Musk has caused changes in the value of Dogecoin. In February 2021, the billionaire posted several tweets about the meme coin that cause the price to surge.
In May 2021, he revealed that he was working with Dogecoin developers to improve the efficiency of the system, and this caused prices to fly by 22%.
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