By Hassan Mehmood (Saudi Arabia)
The price value of the cryptocurrency Dogecoin (DOGE) surged by over 14% in the past 24-hours after the Tesla CEO tweeted about the cryptocurrency. He shared a meme in which dogecoin is engulfing the global financial system
At the time of publication, the coin is trading at $0.0034 after increasing by more than 14% in the previous 24-hours. The latest daily bull run is due to the Musk’s sarcastic comments about the coin, claims crypto analysts.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
Recently, the campaign started over a social media platform TikTok to buy DOGE coin that has pumped price upward significantly. During that time of consecutive three days of social media coverage, the price jumped from $0.0023 to $0.005. The users of the platform took it seriously and caused the value to go high. The Google trend data also showed that “buy dogecoin” keyword searched more than “buy bitcoin”. The advertisement of a crypto coin by TikTokers got the attention of mainstream media.
Favorite Cryptocurrency of Musk
As Musk is known for sharing memes over his social media account, he has talked about Dogecoin (DOGE) several times over the last year. “Dogecoin might be my fav cryptocurrency. It’s pretty cool,” SpaceX said in April 2019.
Musk has been remained a supporter of cryptocurrency for a long time and even became the speaker for Bitcoin when Fed printed money in large amounts in response to Coronavirus. However, he accepted that he only owned 0.25 Bitcoin. He said:
“Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison.”
DTAP Capital founder Dan Tepiero said:
“Not looking like a top in TSLA. In fact, just broke out 7 days ago. At this rate, Elon Musk becomes world’s richest person in a few months. The market is always right. What is it telling us about the future? Net worth now equal to 25% of all Bitcoin. Maybe he buys a few?”
Dogecoin is one of the best performing coins in recent weeks. TikTok coverage and Musk’s interest in the coin are responsible for bullish sentiments towards DOGE.
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