Dogecoin has had a breathtaking ride lately. This cryptocurrency can thank Elon Musk who has published humorous social media posts lately. While it has long traded below a dime, it rose above 5 cents for the first time last week. On Sunday, the head of Tesla said in a message on the Clubhouse social network that his messages on Dogecoin were « simple jokes ». But as with the price of Bitcoin lately, its news has had a significant impact.
On Thursday, the head of Tesla and SpaceX published a Photoshop montage of the Lion King between two photos of the rocket launch on his Twitter account, in which the billionaire carries the famous doge coin at a distance. « Dogecoin is the people’s crypto, » « no high, no low, just the doge, » he added. A semi-ironic humor similar to the tone of the news on the Reddit WallStreetBets forum. Argued financial advice and Photoshop rigs fueled the private investor campaign last week to take action against the video game chain GameStop, fight hedge funds and panic on Wall Street.
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Mr Musk’s news was enough to cause Dogecoin to climb back above 5 cents before the cryptocurrency fell back on Friday, trading at 4.563 cents around 1:45 p.m. GMT, according to the CoinMarketCap site. At that price, Dogecoin’s capitalization is equivalent to $ 5.9 billion, which would make it the 15th cryptocurrency right now.
« Anything Mr. Musk mentions on Twitter is flying off because of his corporate aura and social media, » said Neil Wilson, an analyst at Markets.com. Mr Musk’s news sparked a brief boom in Bitcoin on Friday January 29th. Founded in 2013, Dogecoin was an ironic response to the two internet phenomena of the year: cryptocurrencies that proliferated in the wake of Bitcoin and the montage of a photo of a Shiba Inu dog.
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« From + it’s a fun + coding idea, it took me about three hours, » admits one of its creators, Billy Markus, in an interview with the CNet site. But users of the Reddit forums are implicated in the game. They send Dogecoins at very low prices to welcome comments from other posters. After a brief spike of over a dime in 2017, when the market became enthusiastic about cryptocurrencies, the price of Dogecoin had plummeted before returning to the one dime threshold in full swing earlier in the year.