Dogecoin has surged by more than 100% in the past 24 hours, as the meme-inspired cryptocurrency is seeing its value soar after Tesla CEO Elon Musk announced plans to create a Twitter competitor based on it. The tweet came after Musk was asked whether he would ever consider making his own cryptocurrency.
The crypto community is abuzz with excitement after Tesla CEO Elon Musk tweeted that he plans to create a new crypto based on the Dogecoin meme.
Musk has been a vocal supporter of Bitcoin, most recently stating that he “[loves]” Bitcoin and believes it could be the currency for Mars settlers. In October 2018, Musk also became an advisor for cryptocurrency firm Block.one which seeks to build open-source blockchain technology for businesses and individuals alike.
Dogecoin Bolstered By Elon Musk
The tweet caused the cryptocurrency to soar by more than 100% in the past 24 hours and cross $0.5 for the first time ever.
In a quirky turn of events, Elon Musk tweeted about Dogecoin on Saturday. The tweet caused the cryptocurrency to soar by more than 100% in the past 24 hours and cross $0.5 for the first time ever—just as he had predicted. “Dogecoin might be my fav cryptocurrency,” he wrote in response to a fan asking him whether he owned any crypto tokens or not.
The Dogecoin price was trading at $0.002319 per token at press time before Musk’s comments were published on Saturday night Eastern Time (ET). Within minutes after his joke made waves across social media platforms like Reddit as well as several other websites, it jumped up by over 100 percent from its previous value of around $0.001240 per token and reached an all-time high of around $0.010000 per token at approximately 01:00 UTC.
Musk’s tweet, posted on Sunday, shows a mockup of what appears to be an interface for a new version of Twitter. It looks like the standard feed you see on the social media platform today except with some added options at the bottom including “dogecoin” and “meme.” The text accompanying it says, “I am actually going to do this.” Dogecoin is currently up over 100 percent in 24 hours and its market cap has jumped from $1 billion just last week to now more than $2 billion today.