2 years ago
Dogecoin (DOGE) concisely jumped arsenic overmuch arsenic 10% during Asian trading hours connected Monday aft Tesla CEO Elon Musk said successful a tweet that helium is not selling his crypto holdings, which includes DOGE.
DOGE exchanged hands astatine $0.111 connected 4:10 UTC amid a mostly level crypto market. It surged pursuing Musk’s tweet astatine 4:11 UTC, wherever helium said helium volition proceed to clasp DOGE, ether, and bitcoin, and reached arsenic precocious arsenic $0.122 astatine 4:17 UTC.
The spike was apt driven by automated trading bots that way token mentions from fashionable accounts connected societal media sites similar Twitter. Musk’s Twitter account, for instance, has a pursuing of implicit 77.6 million.
Prices of DOGE slumped to $0.113 from the greeting spike astatine the clip of writing.
DOGE surged to implicit $0.12. (TradingView)
Musk has antecedently tweeted astir DOGE connected respective occasions. In Feb. 2021, helium posted a representation of a rocket adjacent to the satellite and followed that tweet with a one-word tweet that stated “Doge” – a play connected the saying of “going to the moon,” a word for an asset-price surge.
In May. 2021, Musk stated helium was moving with dogecoin developers to amended strategy efficiency, which sent DOGE prices flying by 22%.
Musk’s Tesla started accepting DOGE payments connected its merchandise store earlier this year, arsenic reported. DOGE payments proceed to stay active, with the “Giga Texas Belt Buckle” and different products priced successful some U.S. dollars and DOGE.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
Subscribe to First Mover, our regular newsletter astir markets.
By signing up, you volition person emails astir CoinDesk merchandise updates, events and selling and you hold to our terms of services and privacy policy.
English (US) 