Dogecoin rose 7% on Thursday after two new tweets from Elon Musk aimed at the cryptocurrency.
The Tesla front-ed posted a meme through Marlon Brando in The Godfather, with the caption: “Free the Doge!”He then tweeted a song about dogecoin.
Dogecoin trading in the red, but temporarily returned to the green, emerging up 7%, from less than $0. 24 to $0. 2573, after Musk’s tweets, according to Data from CoinMarketCap.
Musk has one of the main drivers of cryptocurrency markets in 2021 and has contributed to the sharp drop in the price of bitcoin, preventing tesla electric car bills in the token and attacking its energy consumption.
The Tesla boss has long been a supporter of dogecoin, a joke introduced in 2013. Recently, it stated that it was running with developers to verify its efficiency.
However, musk has not had a positive influence on the token. Many doge investors expected him to use his appearance on Saturday Night Live in May to bring the token to life, but instead called it a “rush and bustle. “
Dogecoin has fallen more than 65% since Musk’s performance on SNL, but the token’s value has recovered over the following week, as have bitcoin and other cryptocurrencies.