Dogecoin (DOGE) once again jumped on Monday by 10% after Tesla CEO Elon Musk tweeted about the currency and sent its value on an upward trajectory once again.
It has been a while since this last happened in the first quarter of 2021 when the crypto bullish run began. Now though, DOGE has shown more resilience to Musk’s public endorsement.
DOGE managed to jump to $0.122 on Monday, influenced by Musk’s tweet, which may not be much, but is indicative of the entrepreneur’s clout over the meme coin.
Musk’s tweet focused on what his intentions for cryptocurrencies were. Echoing a sentiment by Kevin O’Leary, Musk admitted that he had no idea what way cryptocurrencies would go.
He admitted that owning a stock or a home is a much better – in the sense of safer – investment but said that he would hold on to his bitcoin (BTC), ethereum and DOGE forever. This had a measurable impact on the value of DOGE which is understandable.
Musk’s account on Twitter is followed by 77.6 million people. Musk’s influence on DOGE and other cryptocurrencies has prompted a potential investigation by the US Securities and Exchange Commission.
In February, Musk single-handedly pushed the value of DOGE up by 22% which marked one of its highest valuations in the token’s history.
Musk has also been instrumental in resuscitating development efforts for the currency, another welcome endorsement for the executive. He has even accepted DOGE (and BTC) for some of his businesses.
Musk’s love for DOGE has turned it into a viable currency among crypto gamers. Today, you may use DOGE to play at places such as Bitcasino, 1xBit and FortuneJack.