Dogecoin (DOGE) is up 20% prior to now 24 hours regardless of Bitcoin, Ethereum, and different segments of the crypto market correcting after a jaw-dropping rally. BTC, for additional context, is down 1% prior to now 24 hours because it has didn’t set new highs above $24,000.
Dogecoin’s rally has been anticipated for some time: in all prior bull markets, DOGE has seen comparatively robust rallies in comparison with that of BTC. Although this newest rally appears to have been fueled by Elon Musk.
As reported by NewsBTC beforehand, the Tesla and SpaceX chief wrote on Twitter final night time that Bitcoin is my secure phrase.”
In January, the billionaire mentioned that the main cryptocurrency is “not [his] secure phrase.”
Musk proceeded to say that he likes Dogecoin. Or quite, simply “Doge.”
The cryptocurrency instantly started to spike greater, which has occurred each time the billionaire has talked about the cryptocurrency over the previous few months and years.
Not like earlier instances, although, DOGE appears to be sustaining this rally. Once more, Dogecoin is up 20% prior to now 24 hours as of the time of this text’s writing.
Associated Studying: Right here’s Why Ethereum’s DeFi Market Could Be Close to A Backside
Really All for Bitcoin, Not Simply Dogecoin?
Musk expressed some curiosity in investing in Bitcoin across the time he made the aforementioned tweets about BTC and Dogecoin.
Michael Saylor, CEO of MicroStrategy, mentioned in response to the chief’s tweet about Bitcoin:
“If you wish to do your shareholders a $100 billion favor, convert the $TSLA stability sheet from USD to #BTC. Different companies on the S&P 500 would observe your lead & in time it might develop to change into a $1 trillion favor.”
Musk responded by asking if such transactions in Bitcoin are potential, pursuing the concept of creating this conversion. He didn’t reply to Saylor, nor did he touch upon Dogecoin additional after this interplay.
Associated Studying: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Whereas Musk’s views on cryptocurrencies appear to be combined at instances, particularly since he teases Dogecoin so usually, he does assume BTC has some worth.
He mentioned earlier this 12 months that BTC could have some worth in a world the place fiat monies are being consistently debased by central banks.
Associated Studying: three Bitcoin On-Chain Traits Present a Macro Bull Market Is Brewing
Featured Picture from Shutterstock
Worth tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Dogecoin (DOGE) Up 20% on the Day After Elon Musk Tweet