The Dogecoin cryptocurrency rose more than 50% on Thursday after billionaire entrepreneur Elon Musk wrote his support on Twitter, two days after he said he would take a break from Twitter “for a while”.
Dogecoin rose to $ 0.05798 according to data from the blockchain and cryptocurrency website Coindesk. Musk first wrote “Doge” and immediately followed it with “Dogecoin is the crypt of the people.”
Tesla’s chief tweets about certain companies and cryptocurrencies have lowered their rising prices in recent weeks. Shares of GameStop, Etsy and CD Projekt jumped after comments made on his Twitter account about them.
In the crypto world, Musk putting a “#bitcoin” tag on his Twitter biography sent the most popular coin flying last Friday. He has since removed the label.
Meanwhile, the etherum of rival cryptocurrencies is also in a record high, as investors buy it ahead of the launch of the future ethereum on the Chicago Stock Exchange next week.
Ethereum rose to a record high of $ 1,698.56 before giving up some of these gains to trade 2.7% lower on early trading in London. Bitcoin, the most popular cryptocurrency, also fell 1.2% to $ 37,184.
Cryptocurrencies are gaining traction with more traditional investors. The euphoria boosted the total market value of all cryptocurrencies to over $ 1 trillion for the first time in early January.