Dogecoin (DOGE) soars after series of Elon Musk tweets

After mentioning Bitcoin in his Twitter bio, billionaire Elon Musk is back with several posts referring to Dogecoin (DOGE). It did not take more for the price of the cryptocurrency to soar, then fall just as quickly.

Elon Musk blazes the Dogecoin (DOGE)

After changing his Twitter bio to „#bitcoin“ last week , billionaire Elon Musk is now praising Dogecoin (DOGE) in a series of tweets.

Elon Musk began by posting a single “ Doge” followed a few minutes later by “ Dogecoin is the people’s crypto. “

Immediately, the price of Bitcoin Evolution reacted positively to Elon Musk’s actions. In almost 40 minutes, the DOGE climbed over 45% , from $ 0.041 to $ 0.060.

The DOGE however quickly corrected by falling back to around $ 0.48 and its lightning correction continues as of this writing.

Dogecoin DOGE Price

Has the „Elon Effect“ lost its luster? Unlike its previous mentions of Dogecoin, the price of the cryptocurrency quickly corrected following its rapid rise. How to explain it?

While the Doge looking to climb further, the price of Bitcoin began unscrewed in parallel, causing the collapse of the entire market from 9.30am .

Some allege that this fall is – again – due to the actions of Elon Musk. The „#Bitcoin“ which has proudly displayed its Twitter bio for 1 week now has suddenly been withdrawn. It is hardly imaginable that Bitcoin will retrace such superfluous action at first glance, but part of the cryptosphere is convinced of it.