Dogecoin (DOGE) manages to hit a skyrocketing increase in the market value. The price soars almost 20% on Wednesday alone after Elon Musk called himself ‘The Dogefather’ on Twitter.
Musk is a pretty well-known figure that invests in advanced technical measures, and Dogecoin explicitly gains the spotlight for his direct contribution to the crypto, as DOGE’s price tends to increase with Elon’s tweets.
From February 2021, Elon Musk started to set a flurry of tweets on Dogecoin. The same happened on Wednesday to follow his comedy-meme twitter words. Its market value became $0.32 from the previous $0.26 mark, pushing back the meme-based crypto to a new record high value.
Last week observed uncertain suspense in the crypto market as almost all major currencies like BTC, ETH, LTC and even DOGE set new records. But several incidents triggered a massive downfall to wipe almost $300B within a day.
However, the ongoing week starts to show positivity in crypto market values, and Musk appears to fire up his favorite crypto using the social media platform.
He explicitly mentioned ‘The Dogefather’ term to his 52 million Twitter followers. Also, the tweet holds ‘SNL May 8’ to promote his appearance on the US comedy show, SNL.
DOGE started its journey in 2013 to realize an online meme created to poke the ideas of crypto. The current market capitalization exceeds more than $50B or £36B on recent surges.
The actual boost appeared on the GameStop (GME) saga along with AME in early 2021. About 800% soaring of the value immediately drew the people’s attention.
However, his automotive platform, Tesla is yet to accept DOGE for its payment options. The company already invested in $1.2B in BTC, accepting the currency for payments.
He even tweeted on BTC in January, resulting in a huge spike in BTC value.
But his continued involvement in price spikes makes the market regulators suspicious. Many believe the US regulators need to check on Musk for possible abusive manipulation.