Who would have thought that DOGE would see the hike we witnessed in the past seven days? The joke coin meant to make fun of the crypto economy was trading at $0.04 with a 4.7% hike in the last hour. The surge could be due to Elon Musk shilling DOGE today.
— Elon Musk (@elonmusk) February 4, 2021
Musk’s tweet inspired the CEO of Binance, CZ, to speculate on the pros and cons of owning DOGE. According to him, the fact that Dogecoin now has Elon Musk as the project’s “cool and fun PR Manager” is an advantage.
Earlier today, Musk even said that Dogecoin was the people’s crypto; as a catalyst reaction, the prices spiked by 40% in an hour. This is not the first time the Tesla CEO has influenced the DOGE market. In April 2019, Musk said that DOGE “might be my fav cryptocurrency. It’s pretty cool.”
At the time, two months prior to Musk’s tweets about DOGE, a new address, appeared on the network. The owner of that wallet has been transferring billions of DOGE and has been doing so since 2019.