Elon’s Tweet About Cryptocurrency Dogecoin Causes It To Surge 20%

What started off as a meme-inspired parody cryptocurrency has now become the center of a series of tweets in a bitcoin sound-off from Elon Musk.

Musk’s Tweet

The Tesla Chief official (TSLA) tweeted Bantant on Sunday, including calling bitcoin BS. He announced Dogecoin in a tweet, “One Word: Doge.”

The tweet sent Dogecoin valuation up for about 20 percent and placed them on the list of top Twitter articles. The tech billionaire even finally updated his Twitter history with the title “The Chief Executive of Dogecoin.”

Musk’s Twitter antics come as the dominant cryptocurrency rises to a constant level during the coronavirus epidemic. Last week, bitcoin rose sharply beyond the $ 20,000 mark – beyond $ 24,000 – as the currency continues to grow in the interest of investors.

This is not the first time Musk wrote on Twitter about Dogecoin, a descendant of bitcoin. ‘

The chief executive of SpaceX cited a digital currency in July when he posted on Twitter that it was “inevitable” with a picture showing the level of dogecoin that covered the global financial system. The tweet sent up to 14% shares at that time.

About Dogecoin

Dogecoin was created in 2014 as a parody of the popular internet meme “doge”, which included a picture of Shiba Inu dog. Although the visual currency started out as a joke, it currently has a market value of nearly $ 570 million.

Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. Introduced as a “joke currency” on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014.

Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined.

While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content. Dogecoin is referred to as an altcoin.