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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 composed a series of tweets, ShareCast reports.
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 regular tweets about dogecoin– which he claims are “simply suggested to be jokes”– and Musk’s planned look on Saturday Night Live.
Mark Cuban had actually composed numerous posts 2 days previously. The billionaire business owner and TV personality stated his NBA team was on track to finish 6,000 dogecoin transactions in April.
” Doge is the one coin that individuals actually use for transactions,” Cuban said, when asked by a user why he was backing dogecoin. “People invest their Doge which indicates more services 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 previously in April.
The crypto is now the sixth-largest digital coin with a total market value of practically $42bn.
It wasn’t the very first time that a tweets from Musk had actually activated a price spike. The billionaire Tesla CEO when called dogecoin his “fav” cryptocurrency and “individuals’s crypto.”
There was issue among some financiers that a speculative bubble was forming in Dogecoin.
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