DOGE Pumped 20% On Elon Musk $1 Coin Tease: Analysis

DOGE pumped 20% on Elon Musk’s $1 coin tease on Twitter and e doubled down on the support by hinting at a new price tag for the meme coin as we can see more in our latest Dogecoin news today.

The price of DOGE pumped 20% in a few minutes after another tweet from Tesla’s CEO Elon Musk. The billionaire posted an intriguing tweet that included a one-dollar bill and DOGE and posted a text reading “cyberviking.”

The CEO of Tesla and SpaceX has been quite supportive of the Shiba Inu-inspired coin for quite some time and being this influential with millions of followers behind you, the tweets can reach other celebrities and start a snowball effect. The mania reached retail investors and some of the DOGE fans started a campaign dubbed “DOGE to $1” and it seems that Musk joined the trend. As it happened with previous interactions from Musk, Dogecoin’s price reacted immediately and traded $0.36 after the most recent market crash but spiked 20% to an intraday high of $0.42.

How much is that Doge in the window? pic.twitter.com/bxTkWOr50V

— Elon Musk (@elonmusk) May 20, 2021

It’s worth noting that DOGE came around $0.25 away from hitting a target of $1 less than two weeks ago. DOGE even became the fourth biggest crypto by market cap and got close to overcoming BNB for the third spot. Despite being down by 50% since its ATH in May, DOGE is still well ahead year-to-date. The current price level means that DOGE surged by over 6500% since the year started.

As reported recently, Musk one of the original founders of PayPal long touted Dogecoin as the next big thing. Last week, he announced that his space exploration company, SpaceX will launch DOGE-1 as the first-ever commercial Lunar payload paid for Dogecoin that will be the 1^st meme in space. Dogecoin developer   Ross Nicoll said that Musk has been in touch with Dogecoin’s development team since 2019 and has already increased over the blockchain. Nicoll said that the team of four part-time developers decline funding from Musk and the DOGE original founders, Jackson Palmer and Billy Markus who have long abandoned the project.

One of the reasons that Musk is plugging Dogecoin is that he believes it can become more environmentally friendly than BTC. Over the past week, Tesla discounted payments in BTC on environmental grounds that crashed the price of the coin and the crypto market at large. Musk’s suggestion for Dogecoin reform could not be news to Dogecoin developers after all. But the rest of us, it gives a glimpse into what Musk considered an ideal cryptocurrency.

Source: https://www.dcforecasts.com/dogecoin-news/doge-pumped-20-on-elon-musk-1-coin-tease-analysis/