Investing.com - The cryptocurrency, which suffered badly during last week's trading, only needed a few minutes to hit strong gains following the tweet of the Tesla founder (NASDAQ: TSLA).
DOGE / USD rose in moments by more than 20% to $ 0.3447, while its market value exceeded $ 42 billion.
While the gains of Dogecoin during 2021 exceeded more than 7000%, to succeed that currency, which began as a joke to doubling its value in an insane way, while it became the fifth largest digital currency
Dogecoin is approaching those highs from the April 16 high, during which it rose to $ 0.4377, before falling amid the storm of declines that hit the currency market last week.
Elon Musk tweeted a short while ago on his official Twitter page that he will be a guest on the popular American "Saturday Night Live" program on May 8th.
However, Elon Musk described himself in the tweet as the godfather of the Dogecoin which he sees as the moon coin.
And Elon Musk announced on April 25, via another tweet, that he would be a guest in the most popular comedy show in the United States of America.
And it seems that the relationship between Elon Musk and Dogecoin has not and will not end as the official page of the Tesla founder is filled with many tweets about Dogecoin.
Dogecoin rose in early February by more than 50%, after the American billionaire Elon Musk expressed his support on Twitter, two days after announcing that he would be away from the social networking site for a while.
the beginning
No one would have expected Dogecoin, an obscure cryptocurrency process, to sweep global markets, were it not for the welcome tweet from billionaire Elon Musk of the new currency, which was not widely known before.
In early February, Musk tweeted, "Welcome," and attached the tweet to a picture of a monkey carrying a small lion, simulating a scene from the movie "The Lion King."
However, Musk put his personal image in place of the face of the monkey, while the dog’s face replaced the image of a lion, in reference to the advent of a new currency on the global markets, in a simulation of the coming of the little lion to life.
And as soon as Musk tweeted hello to the new currency, Dogecoin, its value rose by about 50% and became the focus of attention of many investors and exchanges in the world.
Bitcoin rose again, Dogecoin's digital currency skyrocketed on Thursday, the first of April, after a tweet in which he said he would send Dogecoin to the moon.
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Dollar plan
A few days ago, a campaign appeared that ignited the cryptocurrency market with a tumult, is the rise in the moon currency, as Elon Musk described it to dollar levels.
According to currency market analysts, Dogecoin bulls have targeted the currency pushing dollar levels.
The promotion of Dogecoin reached the point that food companies began using their products to promote the currency.
Snickers was not the only voice from the world of candy tweeting Dogecoin, as Milky Way also included a tweet on its official page, and both brands are owned by Mars.
According to reports and follow-ups, DogeCoin bulls have been targeted on Reddit and Discord, using the hashtags #DogeDay and # Doge420, to promote the cryptocurrency day as "Doge Day".
This is in an attempt to help push the rising cryptocurrency to record price levels, but the attempt was unsuccessful.
Many analysts said, Dogecoin is nothing more than an entertainment tool, rather than a true investment performer.
It doesn't have Bitcoin or Ethereum in anything, it has no applications in everyday life, there is no widespread institutional adoption, and there is no limited supply that makes it subject to the rule of scarcity.
Edward Moya, Senior Market Analyst at Oanda, said: “Bitcoin is trying to stabilize while Dogecoin fans continue to generate bullish waves.
Joshua Frank, founder of TIE, says what happened to the Dog Queen price was an attempt to push the price up and then give it up, according to the Queen Telegraph.
He added the sudden rise was behind a single entity (SE: 2350), which owned nearly $ 1.3 billion from Dogecoin, and misused the futures contracts of the market by putting pressure on the holders of short positions, and creating a negative financing cycle, which led the derivatives to achieve an explosive rate in excess of 760 One million dollars in facilities.
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Huge gains
Whether or not the Dogecoin payment plan fails or is postponed, no one denies that the coin that looked like a joke and traded at a cut-off rate followed by 3 zeros and then a single digit rose insanely to a comma and two odd numbers.
Dogecoin began trading 2021 at levels of $ 0.00485, jumping after Musk's first welcome tweets to levels of $ 0.083.
Dogecoin preceded the cryptocurrency market in the mid-April boom that coincided with the listing of Coinbase shares, to enter a violent bullish wave that began April 12th, which reached its climax on April 16 and continued until the session of April 20.
After rising to levels higher than $ 0.4, it came down in only 4 sessions to $ 0.163 during the last April 23 trading.
Dogecoin rose during 30 days of trading by more than 510%, while it rose during 7 days' transactions by 1.6%, while it jumped since the beginning of the year by about 7000%.
The article does not express a recommendation or a nomination, but rather a monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, noting that they are not completely subject to financial authorities and markets.