- Dogecoin rose 35% in 24 hours while Tesla CEO Elon Musk tweeted about the cryptocurrency.
- The price of the cryptocurrency fell again later, before returning to gains of around 25%.
- The year-to-date return on meme-based cryptocurrency was around 1,032.91%, according to CoinDesk.
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Elon Musk, chief executive of Tesla and SpaceX, increased the price of the Dogecoin cryptocurrency by up to 35% with a series of tweets at the end of Saturday.
The digital currency reached an all-time high of $ 0.065448, an increase of about 35% from the $ 0.048356 24-hour low, according to CoinDesk. The price of the cryptocurrency fell again later, before returning to gains of around 25%.
The year-to-date return on cryptocurrency was around 1,032.91%, the website said. The cryptocurrency had a market capitalization of around $ 7.81 billion on Sunday morning.
Musk posted a poll on Saturday night on Twitter, asking his 45.8 million followers to choose “the future currency of the Earth”.
He gave two options: “Dogecoin for Moooonn” or “All other encryptions combined”.
The poll resulted in 71.3% of the 2.4 million voters saying “Dogecoin for Moooonn” would be the currency’s future.
Read more: Investors are migrating to trade Dogecoin and other major digital tokens on Voyager, an unrestricted Robinhood-style platform. Its CEO says Bitcoin will reach $ 100,000 this year – and shares 3 other cryptocurrencies to watch.
Last week, Musk sent the coin up to 59% with another series of tweets, where he called Dogecoin “the people’s cryptography”. He also boosted bitcoin and has supported the Reddit group Wall Street Bets. Dogecoin benefited from the craze driven by that group.
Just before midnight in California, Musk added another tweet, building a meme he posted last week. On February 4, he posted a drawing extracted from “The Lion King”, with himself as Rafiki, the cartoon monkey, holding a baby – Simba in the film, but the dog Dogecoin in the Musk version.
—Elon Musk (@elonmusk) February 7, 2021
On Saturday, he added two other monkeys to the scene. They had the heads of Gene Simmons, from the band Kiss, and Snoop Dogg.
Musk said, “So … finally came to this …”