In recent months, Dogecoin has received great help from multimillionaire and CEO of Tesla, Elon Musk, as well as Dallas Mavericks shareholder, also a multimillionaire, Mark Cuban. Something similar seems to have happened today.
The data shows that at 06:15 UTC, five minutes before Musk tweeted his comment, Dogecoin was trading at $0.2592. Fifteen minutes after Musk’s tweet, the DOGE price had reached $0.3192, jumping over 23% in just 20 minutes. The dogecoin fanatic, mentioned in his tweet on his upcoming appearance, on May 8th, as a guest on the popular midnight TV show Saturday Night Live.
Anthony Sassano, who is Product Marketing Manager at Set Labs, co-founder of ETH Hub, and co-presenter on the “Into the Ether” podcast, said on Twitter: “People are selling BTC and ETH to buy DOGE again”.
Mira Christanto, Asia Consultant at Messari, commented on Elon Musk’s influence on the price of dogecoin: “1 Elon tweet created $3 billion in $DOGE market cap. $DOGE isn’t about crypto. It’s a bet on social media & the populist movement”.