Elon Musk ‘attacks again’ effect and Dogecoin up 30%
The most representative memecoin in the entire crypto market rose amid a general recovery in cryptocurrencies. In the last three days, Dogecoin (DOGE) has seen an appreciation of around 28%, driven by a well-known name in the market: Elon Musk.
The rise coincides with Musk’s takeover of Twitter, which appears to be close to completion. The businessman himself showed this proximity to several actions in recent days.
This generated a lot of commotion among Dogecoin investors. That’s because Musk has historically been a public defender of cryptocurrency. Also, rumor has it that he intends to use DOGE as a currency within the platform.
In recent days, Musk has changed his description on Twitter to define himself as the head of the social network. And last Wednesday (26), the billionaire visited the company’s headquarters in San Francisco, in the United States.
Elon Musk Effect
According to media outlets such as Reuters and the Wall Street Journal, the purchase will end up being executed this Friday. As a result, DOGE, which had already been experiencing a price increase, soared further, rising over 15% in the last 48 hours.
Between its low on Tuesday and the time of writing, the meme’s cryptocurrency has gone from $0.0591 to $0.0763. But memecoin even peaked at $0.0815 on Thursday.
Elon Musk is very famous in the cryptocurrency world. One of his companies, electric vehicle maker Tesla, for example, has bought Bitcoin for its treasury in the past.
Musk’s relationship with Dogecoin has been going on for some time. He once joked about being the CEO of the cryptocurrency and has already offered help to the project’s developers.
On more than one occasion his Twitter messages or statements showed his influence in the market. His words moved the price of Dogecoin, Bitcoin or even another memecoin Shiba Inu, on several occasions.