It appears that crypto’s favorite chief executive, Elon Musk, just gave Dogecoin (DOGE) another bump.
The Tesla and SpaceX chief executive recently spoke to TMZ, the media outlet, about Dogecoin, while he later tweeted about the meme cryptocurrency.
This latest turn of events comes after a rocky past week for DOGE, which surged some 900 to 1,000 percent shortly after it began getting heavily shilled on Wall Street Bets, then proceeded to corrected by over 65 percent in the subsequent sell-off.
Elon Musk messes with Dogecoin again
Musk appears to be messing with the Dogecoin community once again, inducing some extreme volatility in the price of the cryptocurrency.
According to CryptoSlate market data, DOGE has appreciated by over 50 percent in the past 24 hours, making it the best performing digital asset in the top 100 by market capitalization.
This rally comes after videos were shared online of Musk discussing Dogecoin and cryptocurrencies more broadly on his way to his car.
According to a TMZ video from Saturday evening, he said that he thinks that cryptocurrencies are likely where the world’s monetary systems are going. When asked to elaborate on that answer, he half-joked that Dogecoin could be at the center of that, adding that “fate likes irony.”
Musk elaborated that while Dogecoin was created to make somewhat of a mockery of Bitcoin and other “real” cryptocurrencies, Dogecoin was formulated as a joke.
Elon Musk Says Dogecoin Could Be the Future of Cryptocurrency https://t.co/6z57FBAGNy
— TMZ (@TMZ) February 7, 2021
Musk appears to be addressing the subject in a more jovial mood on Twitter.
He recently posted the photo below, which went viral. The photo shows him holding up a number of other celebrities, and at the top, the Shiba Inu dog known as the face of Doge.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
Musk’s comments about the joke cryptocurrency come shortly after other celebrities such as Gene Simmons of KISS and Kevin Jonas of the Jonas Brothers have commented on Dogecoin in a positive manner.
All I’m saying… $doge
— kevin jonas (@kevinjonas) February 7, 2021
A market top?
While early DOGE buyers are up on their holdings, Michael Novogratz, CEO of Galaxy Digital, is calling for some rationality.
He said that he thinks “the $DOGE frenzy is gonna end poorly” because of “greed and gravity.” Novogratz added that “$DOGE doesn’t have a purpose,” which is a critique that many have brought up over recent weeks.
I actually think the $DOGE frenzy is gonna end poorly. Same reason $GME did. Greed and Gravity. $DOGE doesn’t have a purpose. Stay with $BTC, $ETH, defi coins. Plenty of smarter ways to play this crypto rally.
— Mike Novogratz (@novogratz) February 7, 2021
Disclaimer: This author is an analyst at ParaFi Capital. ParaFi Capital may hold positions in assets mentioned in this article. The views displayed in this article are opinions of the author—and the author only.
Dogecoin, currently ranked #10 by market cap, is up 22% over the past 24 hours. DOGE has a market cap of $9.72B with a 24 hour volume of $13.77B.
