Dogecoin price rises after tweets from Elon Musk and Mark Cuban
Dogecoin 's price rose 20% in 24 hours on Wednesday to 32 cents after Tesla CEO Elon Musk and the owner of the Dallas Mavericks, Mark Cuban wrote a series of tweets.
Elon Musk and Mark Cuban both made tweets supporting the meme-inspired cryptocurrency.
On Wednesday, Musk simply tweeted: “The Dogefather SNL May 8.” This is both a reference to his frequent tweets about dogecoin — which he claims are “just meant to be jokes” — and Musk’s planned appearance on Saturday Night Live.
Mark Cuban had written several posts two days before. The billionaire entrepreneur and TV personality said his NBA team was on track to complete 6,000 dogecoin transactions in April.
“Doge is the one coin that people actually use for transactions,” Cuban said, when asked by a user why he was backing dogecoin. “People spend their Doge and that means more businesses will start taking it.”
According to data from Coin Metrics, the cryptocurrency, which started as a joke in 2013, hit a record high above 45 cents earlier in April.
The crypto is now the sixth-largest digital coin with a total market value of almost $42bn.
It wasn't the first time that a tweets from Musk had triggered a price spike. The billionaire Tesla CEO once called dogecoin his "fav" cryptocurrency and "the people’s crypto."
There was concern among some investors that a speculative bubble was forming in Dogecoin.