Dogecoin surges on Elon Musk tweet as crypto rollercoaster continues

Dogecoin jumped on renewed support from Elon Musk, adding to a volatile week for digital currencies that’s been whipped up largely by the Tesla Inc. chief executive officer himself.

After Musk tweeted on Thursday that he is working with Dogecoin developers to “improve system transaction efficiency,” the Shiba-Inu-themed token with no practical uses surged from about 43 cents to 51 cents in a matter of minutes. It’s up by about 30% in the past 24 hours, according to Coinmarketcap.com.

Bitcoin fluctuated on Friday, and was trading at around $50,500 as of 6 a.m. in New York. The largest digital token is on course for a weekly slump of more than 10%.

Tweets from the billionaire electric car CEO have roiled crypto markets this week and raised questions about his motives. Musk started the week calling Dogecoin “a hustle” and continued with a series of tweets criticizing crypto mining, which at one point sent Bitcoin down as much as 15%.

Dogecoin, which tumbled after Musk’s Saturday Night Live appearance, has now clawed its way back to being the fourth-largest cryptocurrency with a market cap of $67 billion, according to Coinmarketcap.com. Sentiment was also boosted by news that Coinbase Global Inc., the largest U.S. crypto exchange, plans to offer Dogecoin on its trading platform in six to eight weeks.

Around the same time as his Dogecoin tweet, the Tesla CEO lobbed more criticism at crypto mining following a decision to suspend Tesla car purchases using Bitcoin. Musk said that he worries about a “massive increase” in coal and other carbon-intensive energy to generate electricity needed to mine digital currency.

Source:-https://www.business-standard.com/article/international/dogecoin-surges-on-elon-musk-tweet-as-crypto-rollercoaster-continues-121051401205_1.html

RSS Latest Press Release

  • Smart Toilet Market Size to Reach $15181.4 Million by 2027
    Global Smart Toilet Market is valued at USD 7452.1 Million in 2020 and Anticipated to reach USD 15181.4 Million by 2027 with a Growing CAGR of 10.7% over the forecast period. Global Smart Toilet Market: Global Size, Trends, Competitive, Historical & Forecast Analysis 2021-2027, Rising adoption of innovative hygiene technologies such as UV lighting, supportive […]
  • Ideal Keepsake Boxes Add an Extra Touch to Saving Beautiful Memories
    Dallas, TX: November 29, 2021 – Family business Wayfaren is delighted to announce the release of its beautifully understated Keepsake Boxes - an ideal gift for loved ones to safely store treasured memories.   Their Keepsake Boxes, available in either maple or walnut, are thoughtfully designed and meticulously crafted for those who don't want to sacrifice style […]
  • Guru Printers Provides Exceptional Service in Sheet Labelling
    Los Angeles: November 29, 2021 – When it comes to branding your business in the right way, Guru Printers have developed a series of eye-catching solutions to enable companies to stand out from competitors.   With over a decade of printing experience, the Los Angeles-based company has created a robust line of printing services to meet […]
  • Plasterfix Australia Delivers Professional Plaster Solutions for Home and Business
    Alexandria NSW – Plasterfix Australia has increasingly become the go-to plastering services company for businesses and homeowners who are looking for a professional and perfect finish.   Plasterfix is anchored by the skills of master craftsman Pedro Pires, who has been honing the craft of plastering for 30 years. He learnt from his father, who passed […]