Cryptocurrency dogecoin witnessed an astounding 20% Rise in Just 15 Minutes. Wondering why?
The crypto has risen over 20% on the back of yet another tweet from Tesla 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.
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 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 value of dogecoin had been bolstered on the back of some Elon Musk tweets that drew positive attention to the altcoin.