Dogecoin (DOGE) rose more than 50% on Thursday morning, trading at around $0.059 per coin. Despite promising to stay off Twitter for a while two days ago, Elon Musk tweeted multiple tweets on Twitter, which apparently made pumped the meme token.
In it, Musk shared a lion king-style meme with a photo of himself lifting the legendary dog Shiba Inu from DOGE (+49.59%) into the sky.
The price of the token responded to a rapid increase, and at the time of writing, its total daily sales reached approximately 80%.
Shortly after the sharp rise in prices, Musk posted another eye-catching tweet that read “ur welcome”. He went on to a series of tweets describing the cryptocurrency as “the people’s crypto,” adding, “No highs, no lows, only Doge.”
This unstable price behavior is standard for cryptocurrencies. On Jan. 29, DOGE rose more than 800% to around $0.082 per coin, apparently attracting the attention of Reddit trading groups (like WallStreetBets) along with a TikTok post about the “dogecoin army” by niche celebrity Carole Baskin from Netflix’s “Tiger King.”
In early January, adult actress Angela White also doubled the value of DOGE after declaring she was the owner of the cryptocurrency.
Dogecoin is the 12th crypto by Market Capitalization
According to CoinMarketCap, DOGE started as a joke in 2013 and is now the twelfth most important cryptocurrency by market capitalization. Musk recently said it would be the most “entertaining and ironic outcome” if dogecoin “becomes the currency of Earth in the future.”
The executive has been very optimistic about the crypto industry lately. He updated his Twitter profile to only use “Bitcoin” as a bio, which also resulted in the asset’s price rising last Friday, although he has since deleted it. On Monday, he reiterated his new support for Bitcoin’s major currencies. He said “Bitcoin is a good thing” and regretted not buying Bitcoin eight years ago.