Did Elon Musk’s Tweet Rally Dogecoin by 15%?

Paigambar Mohan Raj
Source: InsideEVs

In a recent Tweet, Billy Markus, the creator of Dogecoin, said that the reason he likes the popular memecoin because it knows that it is stupid. DOGE was created as a parody of the crypto industry. It was never made to be taken seriously.

Elon Musk, the current owner of Twitter and big-time Dogecoin proponent, replied to Markus saying that the coin has the potential to be a currency.

After Musk’s reply, Dogecoin has rallied by nearly 16%. At press time, DOGE was trading at $0.093082, up by 26.9% on the hourly chart. However, DOGE is still 27.6% down on the weekly chart, and down by 32.8% on the monthly chart.

Musk’s Tweet has always had an impact on the value of tokens, specially DOGE. His reply further reiterates his fondness for the token, and the possibility of DOGE becoming more accepted across his platforms and companies. His Tesla motor company already accepts DOGE as a form of payment for its merchandise. Musk has also hinted that he may integrate DOGE in the tipping feature of Twitter, which had sent Dogecoin holders into a frenzy.

In January of this year, Markus had shared something similar to his recent Tweet, in which he said that he hopes that the Dogecoin community always retains its levity and silliness, and that makes it special.

Additionally, in a recent research done by TRG Datacenters, Dogecoin was found to be the most positively spoken about the crypto project on Twitter. 94% of comments and Tweets related to DOGE were in a favorable light. Ethereum, on the other hand, was found to be the most negatively spoken about the crypto project. 29% of Tweets and comments about Ethereum were negative in nature.

Dogecoin is currently ranked as the 10th biggest cryptocurrency by market cap, according to CoinGecko.