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Dogecoin rallies over 25% after Elon Musk's tweet; Here's why

Dogecoin rallies over 25% after Elon Musk's tweet; Here's why

Elon Musk has proclaimed his fondness for the memecoin Doge previously as well. He is often called as 'Dogefather' because of his affinity to the cryptocurrency.

Business Today Desk
Business Today Desk
  • Updated Nov 1, 2022 1:15 PM IST
Dogecoin rallies over 25% after Elon Musk's tweet; Here's whyElon Musk has been a fan of the memecoin Doge

Tech billionaire Elon Musk has yet again caused a pump in the prices of Dogecoin, the popular meme cryptocurrency. Musk tweeted an image of a dog wearing a t-shirt with the Twitter logo along with a Halloween pumpkin and this tweet caused has a sharp rally in the prices of Dogecoin.

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Musk tweeted:

After the tweet, Dogecoin gained around 26 per cent. The meme token was trading at $ 0.12 at 9:46 AM on Tuesday, just before Musk's tweet. The token gained  25.90 per cent and peaked at $0.147 at 11:55 AM.

Crypto enthusiasts are taking it as a sign of integration of Dogecoin with the Twitter ecosystem.

A user tweeted: 

Several other users tweeted that Doge would be the official cryptocurrency of Twitter. Their tweets read: 

Some crypto traders also shared images of the Doge candlestick chart.

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Another user tweeted:

Dogecoin was trading at $0.1452 at 12:52 PM, up 23.48 per cent. Its 24-hour trading volume stood at $7,041,252,942.

Also Read: Crypto price today: Dogecoin rallies 16% after Elon Musk’s Twitter antics; crypto markets reclaim $1 trillion mark - BusinessToday

Also Read: Cryptocurrency price today: Bitcoin, Ethereum, Shiba Inu in green, Dogecoin down; majority tokens gain - BusinessToday

Published on: Nov 1, 2022 12:58 PM IST
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