The cryptocurrency Dogecoin rose more than 50% on Thursday after billionaire businessman Elon Musk tweeted his support for her, two days after saying he would take a break on Twitter “for a while”.
Dogecoin jumped to $ 0.05798 according to data on the blockchain and cryptocurrency website Coindesk. Musk first tweeted “Doge” and immediately followed with “Dogecoin is the cryptography of the people”.
Tesla boss tweets about certain companies and cryptocurrencies have caused their prices to skyrocket in recent weeks. GameStop, Etsy and CD Projekt’s shares increased after comments on their Twitter account about them.
In the cryptographic world, Musk placing a “#bitcoin” tag in his Twitter biography flew the most popular currency last Friday. He has since removed the label.
Meanwhile, rival cryptocurrency ethereum is also on a record-breaking spree, as investors buy it ahead of the launch of ethereum futures on the Chicago Mercantile Exchange next week.
Ethereum climbed to a record high of $ 1,698.56 before giving up some of those gains to trade 2.7% lower at the start of London trading. Bitcoin, the most popular cryptocurrency, also fell 1.2%, to $ 37,184.
Cryptocurrencies are gaining traction with more mainstream investors. The euphoria increased the total market value of all cryptocurrencies by more than $ 1 trillion for the first time in early January.