Elon Musk makes Dogecoin jump 9% in minutes with a Tweet


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Dogecoin – 5 minute chart

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Investing.com – The took advantage of a tweet early Monday morning from Tesla Inc (NASDAQ:) boss Elon Musk backing cryptocurrency once again.

As part of a thread about rising inflation, Musk clarified that he “still owns” his cryptocurrency and is “not going to sell his , or Doge.”

Dogecoin (DOGE) was moving towards $1.1100 before the tweet was posted, and hit a high of $0.12 less than 10 minutes later, up +9%.

The cryptocurrency then largely mitigated its gains, however, moving towards $0.1140 at the time of writing.

Cryptocurrency experts have noted that the Doge’s spike was likely caused by trading bots tracking mentions of cryptocurrencies from popular accounts on social media sites like Twitter (NYSE:).

Finally, remember that Tesla started accepting DOGE payments on its merchandise store earlier this year.

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