After Bitcoin, Elon Musk made Dogecoin virtual currency soaring

Dogecoin’s digital coin value just increased more than 60% on Feb. 4 after billionaire Elon Musk posted the cryptocurrency’s download on his personal Twitter page (tweet), just two days after he announced it would be temporary. stop using Twitter “for a while”.

According to data from Coindesk, the price of Dogecoin – inspired by the famous “Doge” trend on the Internet – has increased 67.99% to $ 0.054.

Elon Musk initially tweeted “Doge” with a picture of a rocket flying to the moon. Then he went on to post: “Dogecoin is a virtual currency for everyone”. Tesla CEO also posted a picture of him with his dog Shiba Inu – the center of the doge “doge” trend and also the logo of the Dogecoin coin.

Musk also helped boost the value of the virtual currency last month before posting a photo of Vogue’s magazine cover on Twitter. However, the title says “Dogue” instead of “Vogue”.

The photo was posted on his personal Twitter page by Elon Musk – Photo: Twitter

Before that, in December 2020, Tesla CEO also shared that Dogecoin was his favorite coin with the tweet: “Only one word: Doge”. In 2020, he also uploaded many pictures of Dogecoin and helped the value of this virtual currency soar.

Elon Musk, which has 45.2 million followers on Twitter, has been at the heart of a number of crypto and stock trading craze lately. Tweets about specific companies or cryptocurrencies helped the stock prices of those businesses or cryptocurrencies skyrocket.

Recently, the share prices of GameStop, Etsy and CD Projekt have all risen sharply following Musk’s comments and comments on their products on Twitter. Last weekend, Musk unexpectedly changed his Twitter profile to “#bitcoin”, pushing the price of this virtual currency to skyrocket. Later, the Tesla CEO removed this line of biography.

Dogecoin was created as a satire to the virtual currency craze in 2013, but is still bought and sold today on crypto exchanges.

Dogecoin often increases in price when promoted by many individuals on social networks. Last week, the virtual currency also rose after Carole Baskin, actor Tiger King, talked about it in an online video.

On the cryptocurrency market on Feb. 4, in addition to Dogecoin, Ethereum also saw a spike in value as investors rushed to pre-purchase information that Ethereum futures would start being traded on the Chicago Stock Exchange. next week. Ethereum price surged to a record 1,698.56 before falling slightly. Meanwhile, the market’s largest virtual currency, Bitcoin, fell 1.2% to $ 37,184.

The cryptocurrency market is attracting great attention from traditional investors with a total market capitalization exceeding $ 1,000 billion for the first time in January 2021.