Dogecoin increases 20% after Elon Musk tweet. At 9:30 UTC, Musk took to Twitter and wrote to his 40 million followers, “One word: Doge.”
DOGE immediately spiked to $0.0047, its highest mark since early July. At time of writing, some of the gains were retraced with DOGE trading hands at $0.0043 on Binance. Musk also fired off a series of bitcoin tweets. In one he said “Bitcoin is almost as BS as fiat money,” which could be understood as a backhanded compliment if one tries hard enough.
Dogecoin, a meme-based cryptocurrency, made headlines in July after TikTok users released a campaign to drive the price of 1 DOGE above $1. Dogecoin tweeting is nothing new to Musk. In the past, the billionaire founder called dogecoin his “fav cryptocurrency” in addition to the temporary inclusion of the “CEO of Dogecoin” mark in his Twitter profile. Sunday morning, Musk’s account describes him as “Former CEO of Dogecoin.”