Dogecoin: Expert discusses Elon Musk’s tweets
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The digital currency Dogecoin surged by more than 85 percent earlier this week. The cryptocurrency has been supported by Tesla and Space X founder Elon Musk on Twitter, who tweeted the single word ‘Doge’ back in February. The South African billionaire has shared dozens of memes, and the SpaceX CEO even vowed to put dogecoin on the Moon, yesterday sharing a bizarre image captioned: Doge Barking at the Moon.”
Musk also mentioned the cryptocurrency in a number of further tweets to follow.
In one tweet, he said: “Dogecoin is the people’s crypto”, while in another he added: “No highs, no lows, only Doge.”
Asked why he loves doge so much he replied to one Twitter user to say: “I love dogs and memes.”
He also admitted buying the coin, saying he purchased the “the future currency for Earth” Dogecoin for his nine-month-old son.
Musk has previously said his tweets about Dogecoin are “meant to be jokes.”
The cryptocurrency started as a parody of a viral meme involving a Shiba Inu dog.
Despite the surge in recent days, experts warn the rise in value won’t last.
David Kimberley, an analyst at Freetrade, told Express.co.uk: “People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck.
“But when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time.”
How much is Dogecoin worth? Crypto price against USD and GBP
According to CoinDesk, Dogcoin has surged by 49.96 percent in 24 hours to $0.171956.
In GBP, Dogecoin stands at £0.124731 as of April 15.
The market cap for Dogecoin is currently $22.19 billion in USD and £16.10 billion in GBP.
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