$104,839.00
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0.55%$0.671003
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0.16%$104,876.00
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1.93%$405.41
0.01%$3.17
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11.34%$1.94
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15.00%$45.64
1.87%$100,996.00
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25.69%$1.69
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1.32%$0.651617
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-1.04%$21.73
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-1.11%Reading
The price of Dogecoin, the meme-coin styled after a Shiba Inu, briefly spiked today after Elon Musk posted a meme—which he later deleted—of himself with the caption: “Is Dogecoin really a valid form of currency?”
Dogecoin’s price then rose to $0.003738—a rapid increase of nearly 8% in under 30 minutes. But the spike didn’t last: Dogecoin’s price then fell by 3.5% within ten minutes to $0.003606.
#Binance listed #DOGE🐶 a year ago. Just saying... https://t.co/vE2cmTZAkO
— CZ Binance (@cz_binance) July 19, 2020
But the brief dip wasn’t enough to undo the Musk-inspired pump that the meme coin is currently trundling through.
Dogecoin’s pump started on Friday night when the Tesla CEO bigged up his favorite currency on Twitter. Its price rose by nearly 16%, from $0.003031 to $0.003533, in the 24 hours after Musk said that it was inevitable that the cryptocurrency would take over the global financial system.
Despite today’s dip, Musk’s pump isn’t quite over: Dogecoin’s price is still up by nearly 12% since Musk’s outburst on Friday, and its market cap has increased by $46 million.
Musk has bigged up Dogecoin on Twitter before. The SpaceX CEO in March referred to himself as the “CEO of Dogecoin” and told his followers that it was his favorite currency.
Musk’s is the second wave of Dogecoin pumps this month. Last week, a viral TikTok video telling people to invest in the currency caused it to skyrocket in price by 96%—one of the largest increases by Dogecoin in a single day.
Elon Musk has tweeted about crypto for the second time this week. This time, however, he wasn't hacked. Instead, he’s pumping his favorite meme-based cryptocurrency, Dogecoin—again. In the wee hours of the morning, the meme-loving Tesla CEO quipped that Doge could become a reserve currency. Following his tweet, Dogecoin’s price rose by 14%. Dogecoin, a cryptocurrency modeled after a popular 2013 meme of a Shibu Inu, has garnered infamy in the crypto community as a joke-coin. Still, that hasn't...
But that pump wasn’t to last, and its price then plummeted in the subsequent dump. How long can Elon’s pump go on for?
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
World Liberty Financial, the Trump family’s Ethereum-based crypto platform, successfully completed its first widescale airdrop Wednesday, sending $47 worth of its stablecoin to tens of thousands of user wallets. All crypto wallets holding any amount of WLFI, the project’s governance token, were eligible to receive the airdrop, according to a proposal that passed last month. Crypto users in certain jurisdictions including New York, however, were excluded from the giveaway for legal reasons. Acc...
Wall Street giant JP Morgan plans to allow its wealthy clients to use shares in crypto ETFs, like BlackRock's iShares Bitcoin Trust, as collateral for loans. Unnamed sources familiar with the matter told Bloomberg, who first reported the news, that the bank will also begin taking crypto holdings into account when assessing clients' net worth and liquid assets. This would mean that crypto gets the same treatment as real estate and vehicles when assessing a client's ability to repay a loan. "We ca...
A new bill has been passed by the California State Assembly which will mean state agencies are able to accept crypto payments if it comes into law. The vote was a unanimous 68-0 and now moves to the Senate where it can be taken further. Assembly Bill 1180 (AB 1180), passed on June 2, will require the Department of Financial Protection and Innovation (DFPI) to further develop rules to permit the state fees and transactions under the Digital Financial Assets Law (DFAL), so cryptocurrencies can be...
