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Elon Musk Is Back Tweeting About Dogecoin as Price Rises 50%
Musk was apparently welcoming dogecoin's latest price bounce.
Updated Sep 14, 2021, 12:06 p.m. Published Feb 4, 2021, 9:39 a.m.
surged more than 50% on Thursday morning to trade around $0.059 per coin.
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The news was apparently welcomed by Elon Musk, who made several tweets about the cryptocurrency, despite a pledge two days ago to stay off Twitter for "a while."
In one, Musk shared a "Lion King"-inspired Meme featuring a photoshopped image of himself raising the iconic DOGE Shiba Inu symbol to the sky.
ur welcome pic.twitter.com/e2KF57KLxb
— Name (@elonmusk) February 4, 2021
He continued with a string of tweets describing the cryptocurrency as the “people’s crypto” adding, “No highs, no lows, only Doge.”
Such erratic price action is fairly standard for the cryptocurrency. On Jan. 29 DOGE surged more than 800% to about $0.082 per coin, apparently triggered by attention from the Reddit trading groups like WallStreetBets along with a TikTok post about the "dogecoin army" by niche celebrity Carole Baskin from Netflix's "Tiger King."
In early January, adult actress Angela White also caused DOGE to double in value after she said she was a holder of the cryptocurrency.
Read more: Hot DOGE! Meme-Based Cryptocurrency Soars More Than 800% to Record High
DOGE, which was started as a joke in 2013, is now the 12th most valuable cryptocurrency by market value, according to CoinMarketCap.
Musk recently said it would be the most "entertaining and ironic outcome" if dogecoin "becomes the currency of Earth in the future."
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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