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Dogecoin Price Surges After Receiving Endorsement From Tesla’s CEO Elon Musk

Dogecoin’s price soared as high as 34 cents and rose up to 21% in the last 24 hours after a tweet made by the Chief Executive of Tesla, Elon Musk in which he once again endorsed the meme-inspired cryptocurrency. The eccentric billionaire has often tweeted in favor of Dogecoin and cryptocurrencies in general, in this recent tweet Musk claimed himself to be the “Dogefather” of the cryptocurrency as a nod to Mario Puzo’s, The Godfather.

Dogecoin’s price rose from $0.25 to $0.35 within minutes after the tweet went viral reaching the prices that were recorded about two weeks ago. The sudden spikes in dogecoin sparked fears of a potential bubble in the digital coin market. Elon Musk has frequently tweeted favorably in regards to Dogecoin and cryptocurrency overall, in fact, Tesla TSLA, -0.73% has profited more than $100 million in the first quarter from selling a small fraction of its Bitcoin holdings. BTCUSD, -0.58%.

Dogecoin was initially started as a gag in 2013, but recently it has become one of the five-largest cryptocurrencies in the world with a market value totaling $42 billion according to CoinGecko. Dogecoin was inspired by the trending “Doge” meme depicting a Shiba Inu dog.

Dogecoin prices tend to rise significantly following tweets from Elon Musk. The Tesla CEO has claimed Dogecoin to be one of his most favored forms of cryptocurrencies and is also a supporter of Bitcoin as well. Tesla has amassed approximately $2.6 billion worth of digital currency.

In a recent tweet by Elon Musk, the Tesla CEO simply stated “Dogefather SNL May 8” as a reference to his tweets regarding dogecoin in general, which he claims are merely anecdotes since Musk is known for his affinity for memes. Furthermore, the tweet served to promote his planned appearance on the upcoming Saturday Night Live on May 8.

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