NEW YORK: Cryptocurrency Dogecoin surged more than 50 percent today (Thursday) after billionaire Elon Musk tweeted his support for it, after taking a two days break from Twitter.
“No highs, no lows, only Doge,” Musk wrote. He also posted a meme from the Disney movie The Lion King, showing the monkey shaman Rafiki holding up the cub Simba that’s photoshopped to be the billionaire with the Dogecoin logo of a Shiba Inu in his hands.
No highs, no lows, only Doge
— Elon Musk (@elonmusk) February 4, 2021
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
According to data on blockchain and cryptocurrency website Coindesk, Dogecoin jumped to $0.05798. The digital asset, which was started as a joke in 2013, has risen to about 5 cents in the past 24 hours from 3 cents.
The Tesla chief’s tweets about certain companies and cryptocurrencies have sent their prices soaring in recent weeks. Shares in GameStop, Etsy and CD Projekt have jumped following comments on his Twitter account about them.
Cryptocurrencies are gaining traction with more mainstream investors. The euphoria boosted the total market value of all cryptocurrencies above $1 trillion for the first time earlier in January.
