Meme-based cryptocurrency Dogecoin (DOGE) gained 25% in minutes on Feb. 4 after a fresh endorsement from the world’s richest man.
DOGE in new “Elon pump”
Musk, who is known for name dropping Dogecoin and Bitcoin on Twitter but just days ago said that he was taking a break “for a while,” returned to post a picture of a rocket and the moon.
“Doge,” he added in a subsequent comment, with later tweet reading “Ur welcome,” accompanied by a doctored image of the Dogecoin shiba inu mascot as Simba in the Disney film, “The Lion King.”
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Immediately afterwards, Dogecoin leapt from $0.04 to local highs of $0.058, while trade volume also surged by over 100% compared to Wednesday.
The hashtag #ThanksElon also began to trend in the United States.
Bitcoin eyes $40,000 resistance
In an interview with Clubhouse, he described his various previous interactions with the cryptocurrency as “jokes,” nonetheless musing that its best days could still lie ahead.
“Dogecoin is made as a joke to make fun of cryptocurrencies, obviously, but fate loves irony,” he summarized at the time.
Musk likewise hit the headlines after causing a Bitcoin (BTC) price spike by making it the only item in his Twitter biography. That came weeks after another characteristically backhanded compliment, in which he said that Bitcoin was “almost as BS as fiat money.”
“I had to think about it for a bit, but I do at this point think that Bitcoin is a good thing and so I am a supporter of Bitcoin, like I said — late to the party but I am a supporter of Bitcoin,”…