Dogecoin surges after Elon Musk tweets
Updated : 09:38
Dogecoin surged on Thursday after Tesla and SpaceX owner Elon Musk put out a series of tweets about the cryptocurrency.
Despite announcing on Tuesday that he would be off Twitter for a while, Musk tweeted earlier that "Dogecoin is the people’s crypto".
He went on: "No need to be a gigachad to own." This was followed by: "No highs, no lows, only Doge."
His tweets sent Dogecoin surging 44%.
Something similar happened in December, when Dogecoin jumped 20% after Musk changed his Twitter bio to "Former CEO of Dogecoin".
Last week, Musk sent Bitcoin on a tear after changing his Twitter bio to just "#bitcoin" and sending out a cryptic tweet saying: "In retrospect, it was inevitable."
Neil Wilson, chief market analyst at Markets.com, said: "Well he’s doing his usual tweeterage…I mean it’s manipulation isn’t? But hey, anything seems to go these days. Anything he tweets about shoots higher because he has such a strong following and people will literally invest in him and his ideas and don’t care what the fundamentals are."