Previously, Dogecoin surged by over 250% for the week after a group of Reddit traders from a community r/WallStreetBets decided to pump the value of DOGE. The same community of redditors is said to be in charge of the latest GameStop pump after Wall Street condemned GME stocks. Dogecoin continues with the surge and the positive sentiment while Elon Musk tweets about DOGE. The tweet mention by tech whiz and inventor Musk, pushed the value of DOGE by over 500% for the week, doubling the last week’s gains.
Elon Musk Breaks Twitter Silence to Embrace DOGE
Dogecoin is somewhat considered a meme coin, but it is also a completely functional cryptocurrency that works exceptionally well for micropayments based on the decentralized financial model. It is also a well-known fact that people who have a major influence on the general public, much like Musk, can create a positive sentiment for crypto, which is what Musk did for DOGE. After tweeting that he will be off Twitter for a while, Elon Musk returned only two days after to tweet about Dogecoin, saying that DOGE is “the people’s crypto” and embracing the crypto in a series of tweets that followed. The mention by Musk further pushed the bullish crypto, recording 531% of gains in the last seven days. After Musk’s tweet, DOGE scored over 40% of gains in 24 hours.
Dogecoin (DOGE) Price Analysis
- DOGE is trading at the price of 0.044$ after the latest price correction of 42.55 of gains for the day
- The weekly chart is showing gains of 531%, making DOGE the top gaining coin for the week
- The lowest weekly price is 0.028$
- The highest price for the week is 0.047$
- The yearly chart is 1824% of returns, making DOGE also one of the top gaining cryptos of the year
Image credits: Cover photo taken from Reddit