Elon Musk shot up the price of his favorite cryptocurrency

The price of dogecoin increased a 26.05% in the last 24 hours up to 0.10 dollars. In the last week, DOGE had a rebound of more than 35.00%, going from $0.07 to its current value. And Elon Musk had a lot to do with this.

In the last few days, he woke up a significant increase in the volume of operations dogecoin. Specifically, during the last week, this volume experienced an increase of 1,941.00%.

This increase in trading volume coincided with the 0.65% rise in the total circulating supply of the currency, raising said supply to US$ 138.80 billion.

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These data place DOGE in the position number 8 in terms of market capitalization, with a current value of US$ 13.56 billion. It is important to note that although the increase in Dogecoin’s trading volume and circulating supply can be seen as a sign of interest and activity around this cryptocurrencyInvestors should always be careful and do your own research before making investment decisions.

What is this rebound due to?

Elon Musk, entrepreneur and founder of SpaceX and TeslaHe is known for his influence on the financial markets through his tweets and comments on cryptocurrencies. One of the most prominent digital assets being promoted by Musk is Dogecoin..

The crypto was created in 2013 as a joke and is based on a Shiba Inu dog meme. However, it has gained popularity in recent years, partly due to to Musk’s promotion on social networks.

The tycoon has tweeted about Dogecoin on several occasions, iincluding using the currency in transactions to buy a trip to the moon with his company SpaceX. Or the last move of the businessman, change the lake of Twitter for that of Shiba Inu, which triggered the value of the crypto.

In February 2021, Musk posted several tweets about Dogecoin, possibly an increase in its market value. The price of the coin went from around $0.007 to $0.08 in a matter of days, representing an increase of 1000%. Since then, there have been several ups and downs in the value of the coin, but it has remained in a position relatively stable in the last few months.

Musk’s promotion of Dogecoin has been the subject of criticism and concerns. Some argue that his influence on the cryptocurrency market may be dangerous, as his ability to move the value of coins with a single tweet could be detrimental to investors.

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Other arguments that your promotion of Dogecoin is irresponsible, since the coin has no real purpose or significant use. In any case, the influence of Musk in the financial markets and his promotion of Dogecoin It is a source of discussion and controversy in the cryptocurrency market.

As always, investors They should be careful and do their own research. before investing in any cryptocurrency, including Dogecoin.

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