Elon Musk's tweet after 'break' raises Dogecoin's value

| | San Francisco
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Elon Musk's tweet after 'break' raises Dogecoin's value

Thursday, 04 February 2021 | IANS | San Francisco

Elon Musk's tweet after 'break' raises Dogecoin's value

Back on Twitter after a two-day break, tech billionaire Elon Musk triggered a surge in Dogecoin's price with a single word tweet "doge" on Thursday.

Dogecoin surged by over 50 per cent in the past 24 hours, according to data from CoinDesk.

In subsequent tweets, the Tesla and SpaceX CEO said "Dogecoin is people's crypto" and "No highs, no lows, only Doge".

Dogecoin has surged 659 per cent this year.

This is not the first time Musk's tweets caused a surge in the value of some companies.

His tweet about messaging platform Signal also led to a surge in the downloads of the app.

Last week, his post about retail website Etsy pushed the price of the company's shares by as much as 8 per cent, according to a report in CNBC.

Musk, who has 45.2 million followers on Twitter, uses the micro-blogging platform mainly to make announcements about his future plans.

On Tuesday, he announced his decision to take a break from Twitter "for a while".

The tweet is a repeat of Musk's June 2020 tweet where he used the same words, to be back on the platform in two days.

This time, his followers were calmer in reacting, as they probably knew the Tesla and SpaceX CEO would be back in couple of days again.

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