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Dogecoin UP, Records $1.5B Inflows After Elon Musk Comment “Doge To The Moon”

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Dogecoin surges after Elon Musk’s comment.

Dogecoin recorded a huge inflow today after Elon Musk made a surprise appearance in a Twitter space and chanted “DOGE to the Moon.” 

According to data from Crypto Vinco, Dogecoin recorded an inflow of $1.5 billion shortly after Musk commented.

The huge amount of funds pumped into the world’s largest canine-themed cryptocurrency also boosted the price of DOGE to 12%. DOGE moved from $0.079 to $0.089 in one hour, according to data on Coingecko.

Musk Promoting Dogecoin

The development will not surprise many, given that Musk has been instrumental in promoting Dogecoin’s widespread adoption and price in recent months. Musk’s effort contributed to putting Dogecoin on the right path for the previous all-time high (ATH) of $0.73, the token set last year.

As reported, DOGE rallied over 100% last month after Musk completed the acquisition of Twitter. Many crypto enthusiasts believe the world’s richest man will find a way to accept DOGE payments for some Twitter services. Cardano founder Charles Hoskinson also noted that he expects Dogecoin to somehow merge with the social media platform.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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