Dogecoin Soars 160 Percent on Cryptocurrency Wave

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In the last week, Dogecoin’s value has increased by nearly 400%. If you follow Twitter, you’re aware that one billionaire has the power to make or break the market with a single tweet. Elon Musk is the CEO of Tesla and SpaceX. There are times where he gives hints on what to do or not do, and the market’s course is completely changed.

Cryptocurrency seems to be one of his favorite subjects these days. Dogecoin, which began as an Internet joke in 2013, but is now among the world’s top five cryptocurrencies with a market capitalization of nearly $40 billion, seems to have piqued his interest the most (roughly Rs. 2.98 lakh crores).

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According to the most recent data from CoinDesk, the digital currency with the face of a “Shiba Inu” dog as its emblem has increased by 160.6 percent in the last 24 hours and is currently trading at $0.35. (roughly Rs. 26). And it’s impossible to ignore Musk’s daily tweets about Dogecoin, which just add to the digital currency’s craze.

Musk tweeted a picture of a painting by Joan Miro, a Spanish painter and sculptor, on Friday morning. “Dog barking at the sky,” the billionaire captioned it.

Following the huge boost Dogecoin got during the day, Tesla CEO Elon Musk was at it again on Friday night. He did respond to one of his tweets from July 18, 2020, this time. The initial tweet was a meme depicting a giant dust storm with a “Shiba Inu” dog face poised to engulf the globe, which he referred to as the global financial system.

Musk simply posted an emoji of eyes in response to this tweet, attempting to convince the world that he had been vindicated by Dogecoin’s huge gains.

Users on Twitter began responding to the tech billionaire’s latest tweet, with some also praising him for correctly predicting events.

“So you’re either a time traveller or the greatest memer of all time. Both are possible! “a user remarked

Another individual posted a meme of his own, depicting a war between different global currencies, with Dogecoin emerging victorious.

Here are a few more responses:

Musk has been a vocal supporter of cryptocurrencies for a long time. Tesla made a massive $1.5 billion (roughly Rs. 11,181 crores) investment in Bitcoin, the world’s largest virtual currency, which closed Friday night at $61,822.06 (roughly Rs. 46.08 lakh).

Musk once changed his Twitter bio to “Former CEO of Dogecoin” to show how much of a fan he appears to be of Dogecoin. Other celebrities, such as rapper Snoop Dogg and rock singer Gene Simmons, have also used social media to spread cryptocurrency.

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