Cryptocurrency Dogecoin rose more than 50% on Thursday after billionaire entrepreneur Elon Musk tweeted his support for it, two days after saying he would take a break from Twitter for a while.
According to data on the blockchain and cryptocurrency website Coindesk, Dogecoin rose to $ 0.05988. Musk first tweeted ‘Doge’ and immediately followed it up with ‘Dogecoin is the nation’s crypto.’
The Tesla chief’s tweets about certain companies and cryptocurrencies have skyrocketed in recent weeks. Shares in GameStop, Etsy and CD Project jumped following comments on his Twitter account about it.
In the crypto world, Musk sent the most popular currency last Friday to post a “#bitcoin” tag on his Twitter bio. He has meanwhile removed the label.
Meanwhile, the competitive cryptocurrency ethereum is also holding a record as investors buy it before launching etherum futures on the Chicago Mercantile Exchange next week.
Ethereum rose to a record high of $ 1,68.56 before relinquishing profits to trade 2.7% lower in early London trading. Bitcoin, the most popular crypto-currency, also fell 1.2% to $ 37,184.
Cryptocurrencies are rising with more common investors. Earlier in January, the euphoria for the first time increased the total market value of all cryptocurrencies above $ 1 trillion.