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The cryptocurrency, Dogecoin, rose by more than 50% after US billionaire Elon Musk showed his support on Twitter, two days after announcing that he would be away from the social networking site for “a while.”
Dogecoin jumped to $0.05,798, according to data on the blockchain and cryptocurrency site CoinDesk.
Tesla CEO Musk’s tweets about some companies and cryptocurrencies have pushed their prices up in recent weeks. Shares of GameStop, Etsy and CD Project jumped after comments on his Twitter account about them.
In the world of digital currencies, the posting of the hashtag “#Bitcoin” on his Twitter account caused the most popular digital currency to rise in the world last Friday. The tag has since been removed.
Meanwhile, the rival digital currency, Ethereum, is experiencing a spree of record highs as investors buy it before launching its futures contracts on the Chicago Mercantile Exchange next week.
