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Dogecoin Value Soars By 59 Percent After Elon Musk Tweets About It

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Dogecoin Value Soars By 59 Percent After Elon Musk Tweets About It

The value of Dogecoin - a type of cryptocurrency birthed out of an internet meme - has soared by nearly 60 percent after Elon Musk broke his self-enforced break from Twitter to endorse it.

Dogecoin, which is something of a joke, leapt up to $0.0597 - which actually still isn't that much - and traded at about 59 percent higher than where it was 24 hours ago following Musk's tweet.

It's far from the first time that Musk has influenced markets from his Twitter page, he's even had some trouble from it in the past, but it is further proof - if any were needed - that when he talks, the markets listen.

So, it's been something of a strange month in the world of cryptocurrency, and 2021 has seen Dogecoin rallying, albeit slowly, throughout.


In the year to date, it stands at 800 percent up, which is pretty impressive, given the history of the token.

Credit: PA
Credit: PA

Anyway, after announcing on Tuesday (2 February) that he'd be 'off Twitter for a while', Musk slammed back onto the social media platform after just two days away to share a picture of himself mocked up into a still from The Lion King holding up a Doge meme.

That's very much something that isn't worth explaining if you aren't already aware of it.


He then shared another tweet in which he wrote: "Dogecoin is the people's crypto.

"No highs, no lows, only Doge."

It's been a bit of a roller coaster ride for Dogecoin of late. After blasting off into 2021 with a high in late January of $0.0792, it then crashed down to below $0.03 very swiftly.


Now, it's middled out somewhere, but is still well above where it was. Who knows where it could go next?

As for Elon Musk, he's been sending the markets up and down like a puppet master in recent times, sending Etsy's price skyrocketing after telling the world he loved the online marketplace because he bought a Marvin the Martian helmet for his dog.

He also sent tech company Signal Advance's stock spiking last month after tweeting simply: "Use Signal."

Credit: PA
Credit: PA

That's even more bizarre because he was probably referring to the WhatsApp competitor encrypted messaging app, rather than the company.

He also helped the GameStop stock continue to rise during the events of last week between the Redditors and the hedge funds, which is by far and away the strangest and most interesting thing to happen in finance for a long while.

Musk tweeted 'GameStonk' and shared a link to the Reddit forum where the whole business started, r/wallstreetbets.

Who knows where he'll point his laser vision at next? If you could plan that, there could be some serious money to be made.

Featured Image Credit: PA

Topics: elon musk, World News, Money, Technology, Weird

Tom Wood
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