LONDON (UK) – Elon Musk, who had exited from Twitter just a day ago, was back on the platform. This time he tweeted his support to the cryptocurrency Dogecoin, which led to it’s surge of more than 50% on Thursday. Musk first tweeted “Doge” and immediately followed it up with “Dogecoin is the people’s crypto”.
Dogecoin jumped to $0.05798 according to data on blockchain and cryptocurrency website Coindesk.
The Tesla chief’s tweets about certain companies and cryptocurrencies have sent their prices soaring in recent weeks. Shares in GameStop, Etsy and CD Projekt have jumped following comments on his Twitter account about them.
Just a tag to “#bitcoin” on his Twitter bio sent the most popular currency soaring last Friday. He has since taken the tag off.
Cryptocurrencies are gaining traction with more mainstream investors, this has boosted the total market value of all cryptocurrencies above $1 trillion for the first time earlier in January.