Dogecoin digital currency rose more than 50% on Thursday after billionaire businessman Elon Musk tweeted in support of it, two days after saying he had to take a break from Twitter “for a while.”
Dogecoin jumped to $ 0.05798 according to data from blockchain and cryptocurrency website Coindesk. Musk first published “Doge” and immediately followed it with “Dogecoin is the cryptography of the people.”
Tesla’s head tweets about certain companies and cryptocurrencies have raised prices in recent weeks. Shares of GameStop, Etsy and CD Projekt have jumped after comments on their Twitter account about them.
In the crypto world, Musk put a “#bitcoin” tag on his Twitter biography and sent the most popular currency flying last Friday. The tag has since been removed.
Meanwhile, cryptocurrency rival Ethereum is also on record, as investors buy it ahead of the launch of ethereum futures on the Chicago Mercantile Exchange next week.
Ethereum rose to a record high of $ 1,698.56 before giving up some of those gains to trade 2.7% lower in London’s top businesses. Bitcoin, the most popular cryptocurrency, also fell 1.2% to $ 37,184.
Cryptocurrencies are gaining strength with more traditional investors. The euphoria raised the total market value of all cryptocurrencies above $ 1 trillion for the first time in early January.