Dogecoin Pumps 20% as Elon Musk Teases $1 Per DOGE
The price of Dogecoin jumped by 20% in minutes after another pro-tweet from Tesla’s CEO – Elon Musk. The billionaire posted a rather intriguing tweet that included a one-dollar bill and DOGE.
- In his latest pro-DOGE initiative on social media, Musk posted a picture with a text reading “cyberviking.” In the background, though, there’s a slightly blurred one-dollar bill.
- What’s more interesting in this particular case is Musk’s question above: “How much is that Doge in the window?”
How much is that Doge in the window? pic.twitter.com/bxTkWOr50V
— Elon Musk (@elonmusk) May 20, 2021
- The CEO of Tesla and SpaceX has been openly supportive of the Shiba Inu-inspired coin for a while. Being such an influential person with millions of followers, his words reached other celebrities, and the snowball effect started.
- The mania reached retail investors, and some DOGE fans started a campaign “DOGE to $1.” With Musk’s words from today, it seems that he has joined that trend as well.
- As it happened with previous interactions from the billionaire, Dogecoin’s price reacted immediately. It traded at $0.36 following the most recent market crash but spiked by about 20% to an intraday high of $0.42.
- It’s worth noting that Dogecoin came around $0.25 away from reaching its target of $1 less than two weeks ago. At that point, DOGE even became the fourth-largest crypto by market cap and was close to overcoming BNB for the third spot.
- Despite being down roughly 50% since the ATH in early May, DOGE is still well ahead year-to-date. The current price level of $0.4 means that Dogecoin has surged by over 6,500% since the start of 2021.