Dogecoin Gets Support From Elon Musk as Price of The Cryptocurrency Surges Above 50%

As per data on blockchain and cryptocurrency website Coindesk, cryptocurrency Dogecoin jumped to $0.05798 and thus got support from Elon Musk.

Written by: India.com Business Desk Edited by: Manmath Nayak

Updated: February 4, 2021, 4:47 PM IST

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New Delhi: Cryptocurrency Dogecoin surged more than 50% on Thursday after it got support from billionaire entrepreneur Elon Musk. The young entrepreneur took to Twitter and posted his support for it, two days after he said he was to take a break from Twitter for a while.

As per data on blockchain and cryptocurrency website Coindesk, cryptocurrency Dogecoin jumped to $0.05798. Musk first tweeted “Doge” and immediately followed it up with “Dogecoin is the people’s crypto”.

Dogecoin is the people’s crypto

— Elon Musk (@elonmusk) February 4, 2021

Notably, his tweets about certain companies and cryptocurrencies have sent their prices soaring in recent weeks. Shares in GameStop, Etsy and CD Projekt have also jumped after comments on his Twitter account about them.

On the other hand, the rival cryptocurrency ethereum is also on a record setting spree as investors buy it before the launch of ethereum futures on the Chicago Mercantile Exchange next week, It must be mentioned here that ethereum rose to record high of $1,698.56 before giving up some of those gains to trade 2.7% lower in early london trading. However, Bitcoin, the most popular crypto currency, also fell 1.2% to $37,184.

In the recent past, the cryptocurrencies are gaining traction with more mainstream investors and the euphoria boosted the total market value of all cryptocurrencies above $1 trillion for the first time earlier in January.

Interestingly, when Musk last week changed his Twitter profile to read simply “#bitcoin”, the cryptocurrency’s price temporarily skyrocketed by around 20 percent.

However, as Dogecoin surged, Elon Musk this time shared a meme based on the iconic Lion King scene of Rafiki showing Simba his kingdom. He posted a photo with his face superimposed over Rafiki, holding up the Doge meme which is the logo for the cryptocurrency.

Last month, Musk overtook Amazon boss Jeff Bezos to become the world’s wealthiest person with a fortune estimated at $185 billion following a nine-fold surge in Tesla’s share price over the past year.