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The dogecoin cryptocurrency rose more than 50% today, Thursday, after US billionaire Elon Musk expressed his support on Twitter, two days after announcing he would be away from the social networking site for ” one moment”.
Dogecoin climbed to $ 0.05798, according to data from blockchain and cryptocurrency site Quindisk.
Tesla CEO Musk’s tweets about some companies and cryptocurrencies have pushed their prices up in recent weeks. Shares of GameStop, Etsy and CD Project surged after comments on his Twitter account about them.
In the world of digital currencies, posting the hashtag “#Bitcoin” on his Twitter account sparked the rise of the world’s most popular digital currency last Friday. The tag has since been removed.
Meanwhile, rival digital currency Ethereum is enjoying a record-breaking frenzy, as investors buy it before launching its futures on the Chicago Mercantile Exchange next week.
Cryptocurrencies are gaining momentum as more and more mainstream investors consult them. This enthusiasm brought the total market value of all digital currencies to over $ 1 trillion for the first time in early January.
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