Dogecoin Price Rises by 50% After Elon Musk’s Tweet

On 4 February, the price of the cryptocurrency Dogecoin(DOGE) rose by more than 50% of its original price when the world’s richest person Elon Musk tweeted about it. This shows Musk’s power as a market tipster as he is able to manipulate the market from his words.

Image from Twitter/@elonmusk

He first tweeted “Doge” and then he started writing about it in a series of tweets. He also shared a meme inspired by Lion King movie in which he was shown lifting of Dogecoin into the sky.

ur welcome pic.twitter.com/e2KF57KLxb

— Elon Musk (@elonmusk) February 4, 2021

Then he continued to Twitter saying “Dogecoin is the people’s crypto” and then a tweet came with a quotation – “No highs, no lows, only Doge”. The Dogecoins that were started in 2013 as a joke, now have a market value of $6.3bn (£4.6bn).

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