Dogecoin Spikes Briefly After Musk Says He Will not Promote His Crypto Holdings

Dogecoin (DOGE) briefly jumped as a lot as 10% throughout Asian buying and selling hours on Monday after Tesla CEO Elon Musk mentioned in a tweet that he’s not promoting his crypto holdings, which incorporates DOGE.

DOGE exchanged palms at $0.111 on 4:10 UTC amid a largely flat crypto market. It surged following Musk’s tweet at 4:11 UTC, the place he mentioned he’ll proceed to carry DOGE, ether, and bitcoin, and reached as excessive as $0.122 at 4:17 UTC.
The spike was possible pushed by automated buying and selling bots that monitor token mentions from in style accounts on social media websites like Twitter. Musk’s Twitter account, for example, has a following of over 77.6 million.
Costs of DOGE slumped to $0.113 from the morning spike on the time of writing.
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DOGE surged to over $0.12. (TradingView)

Musk has beforehand tweeted about DOGE on a number of events. In Feb. 2021, he posted an image of a rocket subsequent to the moon and adopted that tweet with a one-word tweet that said “Doge” – a play on the saying of “going to the moon,” a time period for an asset-price surge.
In Might. 2021, Musk said he was working with dogecoin builders to enhance system effectivity, which despatched DOGE costs flying by 22%.
Musk’s Tesla began accepting DOGE funds on its merchandise retailer earlier this yr, as reported. DOGE funds proceed to stay lively, with the “Giga Texas Belt Buckle” and different merchandise priced in each U.S. {dollars} and DOGE.
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