Dogecoin Sees Sudden Spike As Elon Musk Sends Out Tweet

Dogecoin (CRYPTO: SHIB) traded 1.2% higher over 24 hours at $0.217 early Thursday morning.

What’s Moving? The meme cryptocurrency is slightly up over a period of seven days leading up to press time.

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Since the year began, DOGE has shot up about 3527.7%. It has fallen 24.17% in the last 90 days and 24.17% in a 30-day period.

DOGE touched an all-time high of $0.74 in early May. It is currently trading about 70% below that level.

Why Is It Moving? DOGE turned green suddenly following a tweet from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk after earlier declining significantly in tandem with most major coins at press time as the global cryptocurrency market cap fell 1.4% to $2.6 trillion.

Musk said "Dooooge" in response to a CoinDesk story about Ethereum (CRYPTO: ETH).

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Dooooge
— Elon Musk (@elonmusk) December 2, 2021

The meme cryptocurrency was not among the most mentioned coins on Twitter ahead of Musk's tweet, as per Cointrendz data.

The three most-mentioned coins were Bitcoin, Solana, and Ethereum. They attracted 943, 884, and 629 tweets respectively.

Bitcoin remains vulnerable to “continual shifts” in sentiment as information on the Omicron variant of COVID-19 appears, as per OANDA Senior Analyst Craig Erlam.

Benzinga’s Melanie Schaffer said Thursday traders will want to watch whether DOGE would be able to shoot up over Tuesday’s high of $0.228 — this as per the analyst would indicate a trend change.

Meanwhile, Jordan Belfort, also known as “The Wolf of Wall Street,” said DOGE and Shiba Inu have “no value and no use.” He said in an interview with the British tabloid The Sun that the creators of these coins “should go to jail.”