Dogecoin rises 7% after tweets by Elon Musk revive interest in the token, while bitcoin and ether slip
- Dogecoin rose as much as 7% after two Elon Musk tweets, underscoring his influence on the token.
- The Tesla CEO tweeted a meme of The Godfather, with the caption: "Release the Doge!"
- Musk has become a key driver of cryptocurrencies, and is particularly interested in dogecoin.
Dogecoin climbed as much as 7% on Thursday after two new tweets from Elon Musk drove buyers towards the cryptocurrency.
The Tesla chief executive posted a meme of Marlon Brando in The Godfather, with the caption: "Release the Doge!" He then tweeted a song about dogecoin.
Dogecoin had been trading in the red but swiftly jumped back into the green, rising as much as 7% - from below $0.24 to $0.2573 - after Musk's tweets, according to CoinMarketCap data.
By 9.30 a.m. ET, dogecoin was up 3% over a 24-hour period at $0.2531. Meanwhile, both bitcoin and ether traded lower.
Musk has become one of the biggest drivers of the cryptocurrency markets in 2021. He contributed to the sharp fall in the value of bitcoin, by halting payments for Tesla electric cars in the token and attacking its energy use.
The Tesla boss has long been a supporter of dogecoin, a joke token started in 2013. Recently he has said he's been working with developers to try to improve its efficiency.
Musk has not always been a positive influence on the token, however. Many doge investors hoped he would use his appearance on Saturday Night Live in May to boost the token, but he instead called it a "hustle."
Dogecoin has fallen more than 65% since Musk's SNL performance. Yet the token's price has rebounded over the last week, along with bitcoin and other cryptocurrencies.