LONDON (Reuters) – Cryptocurrency Dogecoin surged greater than 60% on Thursday after billionaire entrepreneur Elon Musk tweeted about it, two days after he mentioned he was to take a break from Twitter “for some time”.
Dogecoin, which relies on a well-liked web meme, jumped 67.99% to $0.054496, based on knowledge on blockchain and cryptocurrency web site Coindesk.
Musk first tweeted “Doge” after an image of a rocket going to the moon. He then tweeted “Dogecoin is the individuals’s crypto”.
The Tesla chief additionally posted an edited picture of himself with the Shiba Inu canine on the centre of the doge meme, additionally the brand for the cryptocurrency.
Musk, who has 45.2 million followers on Twitter, has been extremely engaged within the latest retail buying and selling frenzy, tweeting about particular firms and cryptocurrencies and serving to ship their costs hovering.
Shares in GameStop, Etsy and CD Projekt have jumped following feedback about them on his Twitter account. A few of these shares had been closely shorted.
“I’m grow to be meme, Destroyer of shorts,” Musk tweeted.
Final Friday he added “#bitcoin” to his Twitter bio, sending the biggest cryptocurrency flying. He has since taken the tag off.
Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy, however can nonetheless be purchased and offered on digital forex exchanges.
It frequently makes a comeback throughout viral crypto rallies, with people selling it on social media. Final week it soared after Carole Baskin, one of many stars of Netflix Inc’s “Tiger King” talked about it in a video on-line.
In the meantime, cryptocurrency ethereum can be on a record-setting spree as buyers purchase it earlier than the launch of ethereum futures on the Chicago Mercantile Change subsequent week.
Ethereum rose to report excessive of $1,698.56 earlier than giving up a few of these good points to commerce 2.7% decrease in early London buying and selling. Bitcoin, the preferred crypto forex, additionally fell 1.2% to $37,184.
Cryptocurrencies are gaining traction with extra mainstream buyers, with the entire market worth of all cryptocurrencies reaching greater than $1 trillion for the primary time earlier in January.
Reporting by Thyagaraju Adinarayan and Anna Irrera in London; Extra reporting by Stanley White; Modifying by Shri Navaratnam, Rachel Armstrong and Jan Harvey