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- Dogecoin jumped 35% in 24 hours when Tesla CEO Elon Musk tweeted about the cryptocurrency.
- The price of the cryptocurrency then fell again before climbing back to around 25% gains.
- The annual returns of the memes-based cryptocurrency were around 1,032.91%, according to CoinDesk.
- Visit Insider’s Business section for more stories.
Elon Musk, chief executive of Tesla and SpaceX, pushed the price of Dogecoin cryptocurrency up to 35% with a series of tweets on Saturday night.
Digital currency hit an all-time high of $ 0.065448, up about 35% from its 24-hour low of $ 0.048356, according to CoinDesk. The price of the cryptocurrency then fell again before climbing back to around 25% gains.
The cryptocurrency’s annual returns were around 1,032.91%, the site said. The cryptocurrency had a market cap of around $ 7.81 billion as of early Sunday.
Musk posted a Twitter poll on Saturday evening, asking his 45.8 million subscribers to choose “Earth’s future currency.”
He gave two options: “Dogecoin to Moooonn” or “All other crypto combined”.
The poll resulted in 71.3% of 2.4 million voters saying “Dogecoin to the Moooonn” would be the future of currency.
Read more: Investors are flocking to trade Dogecoin and other hot digital tokens on Voyager, a Robinhood-style unrestricted platform. Its CEO claims Bitcoin will hit $ 100,000 this year – and shares 3 other cryptocurrencies to watch out for.
Last week, Musk sent the coin up 59% with another round of tweets, where he called Dogecoin “the people’s crypto.” He also boosted bitcoin and was a staunch supporter of the Reddit Wall Street Bets group. Dogecoin took advantage of the mania of this group.
Just before midnight in California, Musk added another tweet, from a meme he posted last week. On February 4, he posted a cartoon from “The Lion King,” with himself as Rafiki, the cartoon monkey, holding a baby – Simba in the movie, but the Dogecoin dog in Musk’s version.
—Elon Musk (@elonmusk) February 7, 2021
On Saturday, he added two more monkeys to the scene. They had the heads of Gene Simmons, of the group Kiss, and Snoop Dogg.
Musk said, “So … it finally got to this …”
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