The world’s richest man recently caused Dogecoin’s price to shoot up once more as he tweeted the photo of a rocket photo flying and captioning it “DogecoSixty.” Sixty minutes the Tesla’s CEO’s powerful tweet, Dogecoin, soared by 75%, reaching $0.0055. Likewise, Doge’s trade volumes hit $7 billion, with the market cap now reaching $6.5 billion.
After that, the CEO started tweeting several memes, with “You are welcome.”In December last year, Musk sent just a brief and funny tweet referring to a meme and joking with the tweet. But in less than 24 hours, the asset closed at 0.4470 cents. That was not his first time he would be tweeting in that manner. July last year, he also posted his pic.
Dogecoin gathering more momentum
After doing all these, Musk began another series of short, exciting thing tweets aimed at promoting the digital currency. Some tweets say Doge is our preferred; Doge Doge has no high or low, it is easy to own Doge. It is interesting to note that the Tesla Chief didn’t explain whether he was teasing his 45 million Twitter followers or was serious about his statement.
But not long after the sudden Musk’s brief but powerful tweets aimed at sending his coin high, Doge surged and gathered more momentum to the extent that some exchanges and platforms reported that clients placed record buy orders for the coin.
Some brokers also said the capacity of their platforms was full. Since the tweet and subsequent surge, traders appeared to be looking at Dogecoin as their next option following the rise of Gamestop, which also witnessed a similar rush following social media’s posts aimed at shooting the price up.
This was not the First Pump of Digital Assets
At first, unknown retail investors on Reddit planned to pump the asset at once as a counter-response to how institutional investors, including hedge funds, decided to dump GME in their large numbers. Retail traders’ buying of GME stemmed from their discovery that institutional investors were taking advantage of the asset’s fall.
Then, retail traders also shot up the price of GME by over 1,400% in 30 days, making some hedge funds having their fingers burnt, losing heavily. Last week, Dogecoin soared by over 700%, making it one of the top 10 crypto assets during the period when Wall Street is now paying more attention to cryptocurrencies. Yesterday, Dogecoin climbed from number 14 to number 12 following Musk’s tweet.
Although Doge was backed by a mighty name known worldwide in the investment arena, the asset couldn’t jump by a cent. But the case was different this year when a tweet by the same man, Elon Musk, caused Dogecoin to jump by 100% on the first day of 2021, hitting 1.1426 cents for the day.
But according to an analyst, there is a considerable difference between the short squeeze experienced by GME and investing in Doge. He said the Doge investment gives you the one to attribute it t,o Wall Street while making money with your investment. Though it’s risky, it is very reasonable.