- Dogecoin surges 50 per cent after Elon Musk’s Twitter meme.
- Musk calls the cryptocurrency as people’s crypto.
- Reddit army continues to push stocks high.
Tesla CEO Elon Musk, back from a two-day Twitter break on Thursday, sent meme-based cryptocurrency Dogecoin surging by over 50 per cent to US$0.059 after he tweeted about the coin.
Musk had said in a tweet on Monday afternoon that he would stay away from Twitter for a while. His tweet had generated a lot of interest in social media. Previously he had been active on Twitter, commenting on the Reddit-fuelled rallies on the stock exchanges.
The news of Dogecoin’s latest rally has apparently delighted Musk. In one of his tweets, the Tesla CEO posted a photoshopped image of the Lion King, whose head was superimposed with his. In another one, he described Dogecoin as people’s currency with “no highs, no lows, only Dodge”.
Toddler Stocks Turn Mature Stocks
Dogecoin had taken a vertical leap on January 29 when it rose by 800 per cent to US$0.082. Most of it was the handiwork of a now-infamous, Reddit forum, which has been blamed for market volatility.
The up-and down-price of cryptocurrencies isn’t uncommon, but similar flights of all its other kinds, or bigger cousins, all on the same trajectory, with the help of a Reddit army, was quite entertaining. The influence was so huge that many toddler stocks grew into matured stocks overnight.
Doge’s change in fortune has the role of another individual. Adult actor Angela White cause quite a stir in the markets in January when she revealed that she also holds the cryptocurrency.
According to Coindesk, Bitcoin, the leader of the crypto pack, surged to US$37,653.45 at 2:14 GMT on Thursday, up by 2.29 per cent from the price preceding 24 hours. Its net change was US$936.36.
Total Bitcoin supply was 18.62 million on Thursday. Bitcoin’s market cap is US$702 billion.
Ethereum was trading at US$1,660.55 per coin, a 2.42 percent change in 24 hours. The net change was US$39.20. The total supply was 114.11 million. Ethereum has a market cap of US$190 billion.