Cryptocurrency Dogecoin (DOGE -9.93%) is up 12.6% within the final 24 hours, in accordance with Coinbase, after Elon Musk tweeted an image of a Shiba Inu pet. Sure, that is the information that is driving this meme cryptocurrency increased.
Elon Musk is arguably probably the most influential particular person within the Dogecoin ecosystem, and small feedback or tweets can impact the price of Dogecoin and its spinoff Shiba Inu with no different information. Meme buyers, who’ve flooded the crypto market, appear to learn Musk’s tweets to search for some which means concerning the future of a cryptocurrency whose mascot is just a Shiba Inu.
Outdoors of the Musk tweet, there is no actual information within the cryptocurrency trade. Costs are blended at this time, with greater names like Bitcoin and Ethereum up 2.4% and 1.6%, respectively, over the past 24 hours. However digital cash like Solana are down 4.9%, so the largest transfer is expounded to cyrptocurrencies with canines as their mascot.
This appears like a joke, however Dogecoin particularly will transfer sharply increased or decrease based mostly merely on a couple of tweets. On the finish of the day, these are speculative buyers pushing a speculative cryptocurrency increased, and nothing extra.
Keep in mind that the volatility and memes which might be driving Dogecoin increased at this time may flip course tomorrow. However in cryptocurrency, volatility appears to be the secret, it doesn’t matter what you are invested in.