DOGE/USD 1-minute candlestick chart (Bittrex). Source: TradingView
DOHA in the new Elonpump
Data from Cointelegraph Markets and TradingView showed that DOGE/USD moved back above $0.05 per token on Thursday, approaching new all-time highs.
Musk, who is known for dropping the name Dogecoin and Bitcoin on Twitter but a few days ago said he was taking a break for a while, is back and posted a picture of the rocket and the moon.
Dozh, he added in a follow-up comment, followed by a tweet saying Ur welcome, accompanied by a fake photo of mascot Shiba Jackoin as Simba in Disney’s The Lion King.
– Elon Musk (@elonmusk) February 4, 2021
Right off the bat, Dogecoin jumped from $0.04 to a local high of $0.058, while trading volume also increased by more than 100% compared to Wednesday.
The hashtag #ThanksElon has also become a trend in the US.
Bitcoin sees $40,000 resistance
According to Cointelegraph, Musk has already helped fuel the Dogecoin bull, adding to the existing hype created by the infamous Reddit group, r/Wallstreetbets.
In an interview with Clubhouse, he described his various interactions with cryptocurrencies so far as a joke, but indicated that the best days are yet to come.
Dogecoin was created as a joke to make fun of cryptocurrencies, of course, but Fate loves irony, he summarized at the time.
Musk also made headlines after he sent the price of bitcoin (BTC) soaring, which became the only item on his Twitter bio. This came a few weeks after another characteristically glowing post, in which he claimed that bitcoin was close to bankruptcy.
I had to think about it a little bit, but right now I think bitcoin is a good thing, so I’m a bitcoin supporter, like I said – I came late to the party, but I’m a bitcoin supporter, he added to Clubhouse.
1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
Thursday saw a comeback of sorts for the BTC/USD scene, which only briefly reached levels of yesteryear thanks to Musk’s actions last week.
Musk removes bitcoins from his Twitterbio
At the time of writing, the couple has raised $38,660. At the same time, Elon Musk seems to have removed Bitcoin from his profile, which means he no longer leaves rattling comments in the Twittersphere.
Elon has become a real dog pic.twitter.com/urQ6Q0R2tz
– Dan Held (@danheld) February 4, 2021
In a special article published this week, the Blockchain Research Lab says that such announcements on social media are likely to attract additional attention in the future.
While Elon Musk is probably an extreme example in terms of influence via social media, there are far fewer relatively influential individuals, groups or companies that communicate their opinions on cryptocurrencies via social media, according to the report.
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