The DOGE price rises steadily after Elon Musk tweeted yesterday asking the Twitter Bitcoin community whether Dogecoin is a “valid form of currency” as we reported in the Dogecoin news.
The price of the world’s meme cryptocurrency increased but then fell and is now standing at $0.0034. Elon Musk pumped the coin causing the price to skyrocket by nearly 16% and this is another time in the month when the coin’s price got pumped. The price of Dogecoin, the cryptocurrency inspired by the meme-dog Shiba Inu, spiked today shortly after Elon Musk posted a meme which he later deleted, of himself with the caption: “Is dogecoin really a valid form of currency.”
#Binance listed #DOGE🐶 a year ago. Just saying… https://t.co/vE2cmTZAkO
— CZ Binance (@cz_binance) July 19, 2020
The DOGE price rises when things like this happen but this time the increase lasted shortly. The coin reached $0.003738 which is an 8% increase in less than 30 minutes but the spike didn’t last long as the coin dropped by 3.5% within ten minutes to $0.003606. The brief dip was not enough to undo the Elon Musk price pump that the meme coin is now going through. Doge’s pump started on Friday when the Tesla CEO talked about his favorite coin on Twitter and he even said that it was inevitable that the cryptocurrency will take over the global financial system.
Despite the dip today, Musk’s pump is not quite over yet. Doge’s price is still up by nearly 12% since the outburst on Twitter and its market cap increased by $46 million. Musk has already boosted Doge on twitter before because he refers to himself as the “CEO of Dogecoin” and admitted that it was his favorite cryptocurrency. This marks the second wave pump for Dogecoin this month as the previous one was when a viral TikTok video emerged telling people to invest in the currency which eventually made it skyrocket in price by 96% which was one of the biggest increases for the asset in a single day.
Dogecoin indeed started as a joke cryptocurrency but as the years go on, many crypto traders and users find that the altcoin has really high-quality features that can provide them with the trading experiences and returns that they desire. The altcoin was mentioned by celebrities and other crypto prominent figures many times which also supports the fact that it is a currency to watch out for.
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