After Tesla CEO Elon Musk added bitcoin to his Twitter bio, the price of digital assets surged. This time, Musk backed Dogecoin. As a result, the cryptocurrency gained in value.
"SpaceX is going to put a literal Dogecoin on the literal moon," Musk said in his Twitter post.
The tweet sparked an instant surge in the price of Dogecoin. It jumped from $0.0540 to $0.066, facing the local resistance level.
However, the previous tweets from Elon Musk were of greater interest among retail traders. For example, following his last tweet about the Dogecoin sale on February 15, the price of DOGE collapsed by almost 26%, to $0.0471 from $0.0639.
"If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue. I will literally pay actual $ if they just void their accounts," he stated.
This tweet was one of the numerous Dogecoin-related posts made by Elon Musk over the past year. He once said that the cryptocurrency had a chance to become "the currency of Earth in the future", adding that he had bought some coins for his nine-month-old son.
