Dogecoin (DOGE) Up 20% on the Day After Elon Musk Tweet

Dogecoin (DOGE) is up 20% prior to now 24 hours regardless of Bitcoin, Ethereum, and different segments of the crypto market correcting after a jaw-dropping rally. BTC, for additional context, is down 1% prior to now 24 hours because it has didn’t set new highs above $24,000.

Dogecoin’s rally has been anticipated for some time: in all prior bull markets, DOGE has seen comparatively robust rallies in comparison with that of BTC. Although this newest rally appears to have been fueled by Elon Musk.

As reported by NewsBTC beforehand, the Tesla and SpaceX chief wrote on Twitter final evening that Bitcoin is my secure phrase.”

In January, the billionaire stated that the main cryptocurrency is “not [his] secure phrase.”

Musk proceeded to say that he likes Dogecoin. Or slightly, simply “Doge.”

The cryptocurrency instantly started to spike greater, which has occurred each time the billionaire has talked about the cryptocurrency over the previous few months and years.

Not like earlier instances, although, DOGE appears to be sustaining this rally. Once more, Dogecoin is up 20% prior to now 24 hours as of the time of this text’s writing.

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Really Serious about Bitcoin, Not Simply Dogecoin?

Musk expressed some curiosity in investing in Bitcoin across the time he made the aforementioned tweets about BTC and Dogecoin.

Michael Saylor, CEO of MicroStrategy, stated in response to the manager’s tweet about Bitcoin:

“If you wish to do your shareholders a $100 billion favor, convert the $TSLA stability sheet from USD to #BTC. Different companies on the S&P 500 would comply with your lead & in time it will develop to change into a $1 trillion favor.”

Musk responded by asking if such transactions in Bitcoin are attainable, pursuing the concept of constructing this conversion. He didn’t reply to Saylor, nor did he touch upon Dogecoin additional after this interplay.

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Whereas Musk’s views on cryptocurrencies appear to be blended at instances, particularly since he teases Dogecoin so typically, he does suppose BTC has some worth.

He stated earlier this yr that BTC could have some worth in a world the place fiat monies are being consistently debased by central banks.

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Dogecoin (DOGE) Up 20% on the Day After Elon Musk Tweet