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Elon Musk explains why he loves Dogecoin and price goes up 25%

Elon Musk is being called “Dogecoin King”

Tesla founder Elon Musk, who supports Dogecoin, decided on Wednesday to explain why he likes the cryptocurrency. He used his favorite platform, Twitter, to do this, and the price of the cryptocurrency meme immediately skyrocketed by 25%.

Musk first posted a photo of a Shiba Inu dog planting a flag on the moon. It was followed by two tweets that said “Literally” and “On the real moon”.

When a Twitter user asked why he likes DOGE, he replied, “I love dogs and memes.”

The price of Dogecoin, which has been in a downward trend since reaching almost $ 0.09 on February 7, suddenly jumped from $ 0.04 to $ 0.06, before closing at $ 0.056 on Wednesday.

Musk’s tweet about Dogecoin has always changed its price, reported Markets Insider. During the GameStop trading saga, some investors considered cryptocurrency to be the next asset to come together to raise the price. Dogecoin was the collective choice due to its very low price. When it looked like the Dogecoin rally was about to lose momentum, Musk tweeted about Dogecoin. With the support of the billionaire, Dogecoin’s price reached $ 0.073 on January 29 and $ 0.088 on February 7.

Other celebrities also supported the Dogecoin rally, including Snoop Dogg and Gene Simmons from the band Kiss. For a brief period, Dogecoin was one of the top 10 cryptocurrencies in the world by market capitalization. Mark Cuban, a Shark Tank judge and owner of the Dallas Mavericks, said recently that he bought Dogecoin to teach his son economics.

It was not just the positive comments that had an impact. Musk’s negative opinions reflected negatively on the market. In a tweet on February 15, Musk complained that Dogecoin’s existing supply is concentrated among a few large landowners. “If the biggest Dogecoin holders sell most of their coins, that will have my full support,” he noted. Dogecoin fell 25% on the same day.

Source: IBTimes

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