Dogecoin rises 7% after tweets by Elon Musk revive interest in the token, while bitcoin and ether slip

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Dogecoin rises 7% after tweets by Elon Musk revive interest in the token, while bitcoin and ether slip

By Crypto Global News

  • Dogecoin rose as much as 7% after two Elon Musk tweets, underscoring his influence on the token.
  • The Tesla CEO tweeted a meme of The Godfather, with the caption: “Release the Doge!”
  • Musk has become a key driver of cryptocurrencies, and is particularly interested in dogecoin.

Dogecoin climbed as much as 7% on Thursday after two new tweets from Elon Musk drove buyers towards the cryptocurrency.

The Tesla chief executive posted a meme of Marlon Brando in The Godfather, with the caption: “Release the Doge!” He then tweeted a song about dogecoin.

Dogecoin had been trading in the red but swiftly jumped back into the green, rising as much as 7% – from below $0.24 to $0.2573 – after Musk’s tweets, according to CoinMarketCap data.

By 9.30 a.m. ET, dogecoin was up 3% over a 24-hour period at $0.2531. Meanwhile, both bitcoin and ether traded lower.

The Tesla boss has long been a supporter of dogecoin, a joke token started in 2013. Recently he has said he’s been working with developers to try to improve its efficiency.

Musk has not always been a positive influence on the token, however. Many doge investors hoped he would use his appearance on Saturday Night Live in May to boost the token, but he instead called it a “hustle.”

Dogecoin has fallen more than 65% since Musk’s SNL performance. Yet the token’s price has rebounded over the last week, along with bitcoin and other cryptocurrencies.

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