The value of Dogecoin bounced back today, following a Tweet from Tesla and SpaceX CEO, Elon Musk. The value of Doge has been quite volatile over the past few weeks, but it, along with the price of Bitcoin and Ethereum plunged yesterday. Now, along with Doge returning to where it was prior to the sudden drop, Bitcoin and Ether is also on the rise again.
Dogecoin has proven to be somewhat of a controversial cryptocurrency. In spite of the meme coin starting out as a joke, in recent months it has seen a surge in activity with the price rising as a result. However, the crypto market as a whole took a major hit yesterday, following the news that China had imposed the equivalent to a ban on crypto trading by financial institutes. After the order came to light, the value of Bitcoin, Ether and Doge tanked.
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Earlier today, Musk sent out a Tweet simply stating “How much is that Doge in the window?” Almost immediately following the Tweet, the value of Dogecoin jumped from 36 cents to 42 cents, according to CoinDesk. Since then, it has fluctuated up and down, but appears to be remaining above the value it was prior to Musk’s Dogecoin Tweet. Interestingly, the Tweet was accompanied by a ‘Cyber Viking’ image showing a one dollar bill with a Shiba Inu dog. Possibly referencing the common goal of the Dogecoin community to get the value of a coin to $1, or get ‘Doge to the Moon.’
As mentioned, Dogecoin was not the only crypto affected by the recent events in China, and while Bitcoin and Ether didn’t receive the same Musk social media boost as Dogecoin, they are also currently returning to a level similar to before the news of the ban. Of course, this is all relative as the value of both Bitcoin and Ethereum remains down compared to where they were one week ago. A prime example of just how volatile the cryptocurrency market currently is. Still, for those who have invested in Bitcoin, Ether or Doge, it is going to be positive news that the three have bounced back from their Wednesday plunge.
The way Bitcoin and Ether have responded over the past day would suggest that today’s Dogecoin rise isn’t solely down to the Musk Tweet. However, the spike, as well as the timing, does suggest the Tweet made an instant impact. This is not the first time that Musk has Tweeted about Dogecoin, either. One of Musk’s more recent Tweets confirmed that a future SpaceX lunar mission will not only represent the first crypto in space, but is also a space mission paid for completely in Doge.
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Source: Elon Musk/Twitter, CoinDesk
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