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Elon Musk effect: Dogecoin's fortunes soar after Tesla CEO writes THIS in his Twitter bio
His tweet comes two days after he announced that he will be taking a hiatus from Twitter.
Updated : Feb 04, 2021, 04:54 PM IST | Edited by : Arijit Saha
 "Elon Musk")
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It seems that Tesla CEO Elon Musk's comments can change your fortunes for the better. Yet another example of the fact that Musk's words hold weeight in the financial world, Cryptocurrency Dogecoin surged more than 50% on Thursday after the billionaire tweeted his support for it.
His tweet comes two days after he announced that he will be taking a hiatus from Twitter.
Dogecoin jumped to $0.05798 according to data on blockchain and cryptocurrency website Coindesk.
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
“Doge”, tweeted Musk, and he then immediately followed it up with “Dogecoin is the people’s crypto”.
Earlier, Musk had tweeted about certain companies and cryptocurrencies, and they witnessed their prices soar. GameStop, Etsy, and CD Projekt are some of the companies that benefitted from Musk tweeting about them.
Recently, Musk sent Bitcoin's stock prices soaring as it jumped as much as 14% last week after he wrote "#bitcoin" in his Twitter bio.
Musk's words matter as GameStop Corp's fortunes also drastically increased after he tweeted "Gamestonk!!". The company which has been at the centre of retail trading frenzy, surged 50% last week.
On Tuesday, SpaceX CEO Elon Musk has announced that he will be taking a break from Twitter yet again. Soon after his announcement, Elon Musk started trending on the micro-blogging site.
"Off Twitter for a while," 49-year-old Elon Musk's tweet generated tens of thousands of 'likes' within a few hours. Elon Musk's account has nearly 45 million followers. Earlier in June 2020 too, he had taken a break from Twitter. However, his break was short-lived then, lasting only two days.
Musk, who recently surpassed Jeff Bezos to become the world's richest man, is an active Twitter user. He has a following of over 45 million on the microblogging platform, where his posts range from memes to updates about Tesla and SpaceX and interactions with fans.
His announcement racked up over 90,000 'likes' in a matter of minutes, along with thousands of reactions.
