Dogecoin (DOGE) Up 20% on the Day After Elon Musk Tweet

Nick Chong

Last Updated: December 21, 2020 12:03 am

2 mins read

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Dogecoin (DOGE) is up 20% in the past 24 hours despite Bitcoin, Ethereum, and other segments of the crypto market correcting after a jaw-dropping rally. BTC, for further context, is down 1% in the past 24 hours as it has failed to set new highs above $24,000.

Dogecoin’s rally has been expected for a while: in all prior bull markets, DOGE has seen relatively strong rallies compared to that of BTC. Though this latest rally seems to have been fueled by Elon Musk.

As reported by NewsBTC previously, the Tesla and SpaceX chief wrote on Twitter last night that Bitcoin is my safe word.”

In January, the billionaire said that the leading cryptocurrency is “not [his] safe word.”

Musk proceeded to mention that he likes Dogecoin. Or rather, just “Doge.”

The cryptocurrency immediately began to spike higher, which has happened every time the billionaire has mentioned the cryptocurrency over the past few months and years.

Unlike previous times, though, DOGE seems to be maintaining this rally. Again, Dogecoin is up 20% in the past 24 hours as of the time of this article’s writing.

Actually Interested in Bitcoin, Not Just Dogecoin?

Musk expressed some interest in investing in Bitcoin around the time he made the aforementioned tweets about BTC and Dogecoin.

Michael Saylor, CEO of MicroStrategy, said in response to the executive’s tweet about Bitcoin:

“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”

Musk responded by asking if such transactions in Bitcoin are possible, pursuing the idea of making this conversion. He did not respond to Saylor, nor did he comment on Dogecoin further after this interaction.