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Influence of Elon Musk, Dogecoin have risen by 7%
The soaring prices of Dogecoin are the latest example of the impact of Tesla CEO on the cryptocurrency market

Elon Musk

Image Credits: Getty Images

On Thursday, the value of Dogecoin drove up by 7% and it is believed that the major influence behind this growth in the market is the tweets by Tesla CEO. Elon Musk is known for his influential crypto tweets and the billionaire has the power to turn the crypto market upside down.

This time Musk posted a meme with a caption which says “Release the Doge” on Thursday.

On the same day, he also posted a song on dogecoin,
“Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge,” tweeted Musk.

The crypto market was plunging for the last two weeks and this tweet by Musk dropped in as sunshine for Dogecoin, however, the other popular cryptocurrencies like Ether and Bitcoin continued to plunge. The Tesla CEO emerged as a popular dogecoin supporter in the last few months. His frequent tweets endorsing the Dogecoin recently made him a sensation for crypto geeks on Twitter, and people started calling him by names like ‘Dogefather’ and ‘CEO of Dogecoin’.

Elon Musk’s massive interest in Dogecoin, made the currency one of the most popular crypto tokens this year, while the coin was launched in the year 2013 inspired by a meme and hence, also known as ‘Joke Token’.

In the first half of the year, the crypto market appeared to be in Musk’s hands to a great extent. His decision to not accept bitcoins as payment for Tesla cars resulted in a significant fall in bitcoins a month back, whereas, when the Tesla CEO tweeted that he had a promising meeting with Bitcoin Miners regarding energy use, the market again begin to rise.

Notably, Musk didn’t always positively influence the market, but his one tweet can change the entire picture of the crypto market.

Nevertheless, the latest tweets by Tesla and SpaceX Founder Elon Musk proved to be fruitful for Dogecoin holders, considering the downfall of the Dogecoin market due to the China crackdown. The current rate of Dogecoin after the tweets of Musk is $0.2573 which was $024 a day back. Cryptocurrency being a volatile industry, sometimes such sudden shifts in the market influenced by Musk’s tweets also disturbs the investors, hence, not all the crypto geeks appreciate the Tesla CEO.

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