Dogecoin Rose 15% after Elon Musk’s Tweet

Kataryna Kovtun July 20, 2020


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Dogecoin rallied almost 15% in response to Elon Musk’s tweet about the bright prospects of this comic cryptocurrency. And this time it was not an account hack.

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Dogecoin soared to $ 0.0037 after a drawdown to $ 0.0027. At the time of this writing, the token was trading at around $ 0.0032 on the BitXmi cryptocurrency exchange, with an increase of almost 15% daily.

The impetus for the growth of the popular comic cryptocurrency was another tweet by Elon Musk. He was turned on Twitter after being blocked due to a recent hacker attack on Twitter. Unlike the previous bitcoin investment scam, this time the tweet was posted by Musk himself.

The well-known entrepreneur and CEO of Tesla shared with his readers an optimistic picture of his favorite cryptocurrency. It depicted Dogecoin crushing the entire financial system.

“It’s inevitable,” Musk commented on this forecast that the coin could gain the status of a hegemonic currency in the global monetary system.

According to CoinMarketCap, within minutes of posting the tweet, Dogecoin went almost vertical, gaining nearly 15%. As one of Twitter users @CryptoWhale commented, in 3 minutes after the publication of Musk’s tweet, Dogecoin’s market capitalization increased by almost $ 40 million.

“This is another reminder of how volatile the markets are and how easy it is to manipulate them,” concluded CryptoWhale.

Pump after Pump for Dogecoin

Recall that this month turned out to be hot for Dogecoin. At the beginning of July, the cryptocurrency was already in the centre of increased attention not only of the crypto community but also of mainstream social networks.

The coin then rallied thanks to a viral challenge launched on TikTok, which openly encouraged users to join the DOGE course pump to get rich. As a result, in less than two days the altcoin went up in price by 100%.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Bitxmi News won’t be responsible for any loss of funds.

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