After collapsing last month, the price of Dogecoin increased by 15% in just 24 hours before remaining unchanged. In India, the price of Dogecoin had decreased substantially, but between the first weeks of the month from June 1 to 3, it climbed from around Rs. 23 to 31. The explanation for the increase appears to be, once again, a tweet from SpaceX and Tesla CEO Elon Musk. His social media posts frequently result in significant price increases for the token, and that is exactly what happened last month. Musk also included a photo of an antique computer system and other equipment, as well as a Shibu Inu dog, in a post about his “childhood,” and prices began in soar in response.
Dogecoin then surged to over $0.43 USD during that time, according to sources on CoinDesk, before leveling out at around $0.40 USD later after. Within the last 24 hours after Musk’s tweet the memecoin had increased by 11% and then also had a market capitalization of over $51.6 billion USD.
Musk later claimed in another tweet response that he will not be selling any of his shares from Dogecoin, reassuring investors despite the increased volatility.
Last month’s move follows a tumultuous series of event for cryptocurrencies, which saw Bitcoin, Ethereum, and Dogecoin all plummet before regaining back a portion of their losses afterwards.
Musk, who often mentions and writes about Dogecoin, stated last month that he was collaborating with developers to enhance the crypto asset. On his appearance in “Saturday Night Live,” he referred to the project as a “hustle” and claimed its value was mostly hypothetical at this stage.
The value of Bitcoin has also been affected by Musk’s actions. Following a statement from Tesla saying that it will no longer accept the biggest cryptocurrency as payment for its electric automobiles, the token fell below $45,000 USD, having previously reached a peak of $51,000 USD.