Dogecoin Price Soars 50% Following Elon Musk’s Tweets

The Dogecoin cryptocurrency has gained almost 50% in price in less than an hour after a series of tweets by the world’s richest man, Elon Musk.

February 4, 2021 | AtoZ Markets – Today, Tesla founder Elon Musk, well-known in cryptocurrency circles, fueled the interest of the crypto community in the coin-meme by writing on Twitter that DOGE is a currency for people.

Moreover, half an hour after the first tweet, the head of SpaceX and Tesla posted a picture with a coin symbol in his hands, with the caption “ur welcome”:

In a third tweet, he called Dogecoin “the people’s cryptocurrency.”

This news delighted fans of the cryptocurrency, who took it as a signal for new purchases. The coin went up by almost 50% in a matter of hours after the tweet.

Dogecoin has more serious reasons for growth beyond Musk’s outspoken pump.

Cryptocurrency derivatives exchange BitMEX announced the launch of Dogecoin perpetual swap (DOGE), and the head of Tesla added fuel to the fire with new tweets of the coin-meme.

Elon Musk and BitMEX sent Dogecoin into space

Meanwhile, on Friday, February 5, the BitMEX cryptocurrency derivatives exchange will start trading with Dogecoin perpetual swaps. Users will have access to contracts in DOGEUSDT with 20x leverage. The new instrument will join the Quanto fixed bitcoin multiplier product line.

The DOGEUSDT contract is now available on the platform’s testnet.

BitMEX is a cryptocurrency exchange specializing in derivatives. For some derivatives on the platform, leverage up to 100x is available – the largest in the industry.

The popular meme coin gained 1300% last week and reached an all-time high of $ 0.1, thanks to the efforts of traders from the WallStreetBets branch on the Reddit platform.

King of altcoins

Dogecoin (DOGE) has become the leader in terms of growth among altcoins. A positive fundamental agenda and a bit of hype set a bullish tone, which may eventually spread to other coins.

At the time of this writing, DOGE is trading at $0.04. Since the beginning of the year, the coin has risen in price by 760%, while in the past seven days alone, the increase was more than 300%. For a while, the coin even made it to the top 10 by market capitalization.

DOGE / USD hourly chart. Source Tradingview

Dogecoin has always been considered a comic meme coin. This is what he originally intended. However, recent events and the growth rate of DOGE’s popularity indicate that there is only a fraction of a joke in every joke.

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