- Dogecoin jumped by as much as 35% within 24 hours when Tesla CEO Elon Musk tweeted about the cryptocurrency.
- The price of the crypto-currency later fell again before falling back to around 25%.
- According to CoinDesk, the year-to-date returns of the meme-based cryptocurrency were approximately 1,032.91%.
- Visit the Insider Business Department for more stories.
Elon Musk, CEO of Tesla and SpaceX, raised the price of Dogecoin cryptocurrency as much as 35% higher with a series of tweets late Saturday.
According to DigitalDesk, the digital currency reached a high of $ 0.065448, about 35% of the 24-hour low of $ 0.048356. The price of the crypto-currency later fell again before falling back to around 25%.
The yield on the cryptocurrency was about 1,032.91% according to the website. The crypto-currency had a market capitalization of about $ 7.81 billion early Sunday.
Musk posted a Twitter poll on Saturday night asking 45.8 million followers to choose “the future currency of the Earth”.
He gave two options: “Dogecoin to the Moooonn” or “All other crypto combined.”
The poll showed that 71.3% of the 2.4 million voters said that ‘Dogecoin to the Moooonn’ would be the future of currency.
Read more: Investors flock to Dogecoin and other hot digital tokens on Voyager, a platform without Robinhood-style restrictions. Its CEO says Bitcoin will fetch $ 100,000 this year – and share 3 other cryptocurrencies to look at.
Last week, Musk raised the coin by 59% with another series of tweets, calling Dogecoin ‘the people’s crypto’. He also strengthened bitcoin and was a big supporter of the Reddit group Wall Street Bets. Dogecoin took advantage of the mania managed by the group.
Just before midnight in California, Musk added another tweet and built a meme he posted last week. On February 4, he posts a drawing from ‘The Lion King’, with himself as Rafiki, the cartoon monkey holding a baby up – Simba in the movie, but the Dogecoin dog in Musk’s version.
—Elon Musk (@elonmusk) 7 February 2021
On Saturday, he added two other monkeys to the scene. They had the heads of Gene Simmons, of the group Kiss, and Snoop Dogg.
Musk said, “So … it finally came …”