Dogecoin Pops 4% on Elon Musk Tweet
Popular dog-themed cryptocurrency dogecoin (DOGE) jumped about 4% in a handful of minutes following a tweet mention from Elon Musk.
DOGE’s price spiked to as high as $0.72 from $0.69 late Wednesday morning after Musk’s post. The token just as quickly pared some of its gains and was trading at just under $0.70 at press time, still ahead about 2% over the past 24 hours.
Elon Musk has a long history of making public comments about crypto in general and dogecoin in particular, and markets have just as long of a history in quickly reacting to those comments.
Interestingly, Musk’s comments today come ahead of Tesla (TSLA) second quarter earnings report later Wednesday afternoon. At the automaker’s Q2 earnings report one year ago, the company announced the sale of some of its bitcoin holdings.
Edited by Stephen Alpher.
