Dogecoin Price Today: Is The Coin Soaring On Elon Musk Tweets?

Dogecoin DOGE/USD traded 9% higher over 24 hours at $0.26 at press time early Monday.

What’s Moving? The meme cryptocurrency has gained 9% over a seven-day trailing period.

DOGE traded 7.7% and 11.46% higher against major cryptocurrencies Bitcoin and Ethereum over 24 hours.

DOGE’s year-to-date gains are an impressive 4462%, but the Shiba Inu-themed coin is down about 65% from its all-time high of $0.7376 touched in May.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE moved higher in tandem with major coins such as Bitcoin and Binance Coin which traded in the green at press time when the global cryptocurrency market cap rose 0.9% to $2.41 trillion.

The meme coin attracted moderate interest on Twitter and was the fifth-most discussed token on the microblogging platform with 2,601 tweets at press time, as per Cointrendz data. Bitcoin and Shiba Inu are seeing the highest interest on Twitter.

Tesla Inc. TSLA CEO Elon Musk reacted to three tweets related to the DOGE over the weekend.

This includes a tweet from Dogecoin YouTuber Matt Wallace, who said that Dogecoin has also helped Musk to become richer than fellow billionaires Microsoft Corporation MSFT co-founder Bill Gates and Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) founder Warren Buffett combined.

Musk also responded with a “face with tongue” emoji to a tweet by Billy Markus, the co-creator of Dogecoin, and a “rolling on the floor laughing” emoji to another tweet that referred to Dallas Mavericks owner Mark Cuban.

Musk also sent out a tweet with a bunny-like figure holding a rocket, which sent several meme coins across the board soaring. The price of self-proclaimed “Doge-killer” Shiba Inu skyrocketed with some interpreting the figure in Musk's tweet to be the token’s mascot holding a rocket.

Bunny-themed cryptocurrencies also garnered attention and were trending on Google after Musk’s tweet.