Dogecoin surges after Elon Musk's 'Baby Doge' tweet1 min read 01 Jul 2021, 06:51 PM IST
Other virtual coins, that were trading lower, like Ethereum, XRP, Cardano also witnessed a slight uptick in their prices
Dogecoin prices bounced back from lows after Elon Musk's 'Baby Doge' tweet. The cryptocurrency surged over 3% to $0.25, CoinDesk data showed. The digital coin was trading slightly lower earlier at $0.24. Other virtual coins, that were trading lower, like Ethereum, XRP, Cardano also witnessed a slight uptick in their prices. However, the world's largest cryptocurrency Bitcoin was down nearly 3% to $33,754.
Musk, the self-proclaimed 'Dogefather', has been responsible for pumping doge prices on several occasions by sharing various references and memes relating to the dog-themed cryptocurrency on his social media feed. The recent slide of cryptocurrencies including Dogecoin has been a concern for the investors.
Dogecoin is a parody cryptocurrency created by software engineer Billy Markus and Jackson Palmer in 2013. Palmer jokingly coined the phrase “Dogecoin" to himself and took to his Twitter account to post the now-infamous line, “Investing in Dogecoin, pretty sure it’s the next big thing." It immediately sparked interest from the meme-fuelled crypto community.
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