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Summary
- Dogecoin has risen over 20% in the past 24 hours following a tweet from Tesla founder Elon Musk.
- The crypto surged from US$0.25 to US$0.30 in just fifteen minutes.
- The surge had brought dogecoin to highs not seen for two weeks when the price plummeted amidst a massive crypto sell-off.
- Tweets from Musk on the crypto have led to reports that the regulatory body, the SEC, is investigating Musk.
Cryptocurrency dogecoin has risen over 20% in the past 24-hours on the back of yet another tweet from Tesla (NASDAQ:TSLA) founder and crypto enthusiast Elon Musk.
The SpaceX CEO tweeted yesterday, calling himself “The Dogefather” along with “SNL May 8” – hinting that he might speak about dogecoin in his upcoming appearance on a popular US sketch show, Saturday Night Live.
An Astounding 20% Rise in Just 15 Minutes
The tweet resulted in the crypto rising from US$0.25 to US$0.30 in the short span of 15 minutes, bringing it closer to highs it enjoyed just two weeks ago before dropping amid a large crypto sell-off last week.
Dogecoin witnessed a significant surge yesterday (Source: © Ozdereisa | Megapixl.com)
Dogecoin was valued as high as US$0.41 on April 20 before it dropped to around US$0.21 on April 23 amid a massive sell-off likely influenced by concerns about US President Joe Biden’s plans to increase capital gains tax.
The Recent History of Elon Musk and dogecoin
Before this, the value of dogecoin had been bolstered on the back of some Elon Musk tweets that drew positive attention to the altcoin. In those tweets, Musk referred to dogecoin as the rival of Bitcoin – the world’s largest cryptocurrency, later adding, "Dogecoin is the people's crypto”. Subsequently, Musk tweeted a picture of “Dog Barking At the Moon” by Spanish artist Joan Miro changing the dog to a “doge”. The ‘Doge’ is inspired by the Japanese dog breed Shiba Inu.
The tweets by Musk and other famous names such as Mark Cuban, owner of NBA team The Dallas Mavericks, and American rapper Snoop Dogg helped pump the price of dogecoin by nearly 5000% this year.
Elon Musk has frequently tweeted about dogecoin (Source: © Joeduffy1 | Megapixl.com)
Musk, though, has been by far its biggest public proponent, even going as far as to claim his company SpaceX would literally put a dogecoin on the moon. Despite the declaration being made on April 1, Musk played down the notion that it was all an April Fool’s Day joke.
Reports of Investigation
The frequent tweets from Musk about dogecoin and the crypto’s correlating price surges led to recent reports the Tesla founder was being investigated by US regulatory body, The Securities and Exchange Commission (SEC), over concerns Musk may be unfairly manipulating the markets.
Musk recently commented that his Twitter posts were just intended as jokes adding that “fate loves irony”.
In response to concerns of market manipulation by Musk, Philippe Bekhazi, chief executive of cryptocurrency platform Stablehouse, said that he did not believe that one person could affect crypto value in the long term.
DO WATCH: What Made Dogecoin Soar so High?
