Elon Musk’s Support for Dogecoin Results in 10% Price Increase

Noah Jones
July 25, 2023

Elon Musk has been a major supporter of cryptocurrency dogecoin, and his recent tweet involving its logo caused its price to spike by nine per cent. The billionaire entrepreneur is featuring the signature Dogecoin symbol in his Twitter (X) profile, which immediately boosted interest in the asset.

This marks the first time the currency has seen significant gains since April when it was described as both “the people’s crypto” and “the future currency of Earth” by Musk himself.

The price of this cryptocurrency, ranked seventh by market capitalization, increased by 10% to $0.08 at 11:39 p.m. in New York, according to our DogeCoin price page. This surge in price is the highest observed since April, accompanied by a trading volume surpassing $1.7 billion.

The sudden surge comes at an interesting time for cryptocurrencies as a whole, with Bitcoin prices surging more than 200% over the last 12 months. The latest rally in Dogecoin’s price may be a sign of investor confidence increasing across the sector, especially given how popular it is with younger investors. With more public figures such as Musk voicing their support for cryptocurrencies, it appears that Dogecoin could potentially become even more popular in the weeks and months to come.

Noah is a crypto-journalist born in Miami (Florida), but He currently lives in Adelaide (Australia).
He has over 7 years of experience in crypto trading.