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.”
Live footage! First thing Elon Musk says when he jumps on the spaces is “Doge To The MOOOOOOON!”
Love that guy he makes life way more fun 🙂 pic.twitter.com/49xA9Cv48z
— Matt Wallace (@MattWallace888) November 12, 2022
According to data from Crypto Vinco, Dogecoin recorded an inflow of $1.5 billion shortly after Musk commented.
— CryptoVinco (@CryptoVinco) November 12, 2022
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.