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Elon Musk-Driven Dogecoin Price Spike Lasts 23 Seconds

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Fri, 05/27/2022 - 06:12
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Alex Dovbnya
Elon Musk is no longer capable of pushing the price of Dogecoin higher even for a minute
Elon Musk-Driven Dogecoin Price Spike Lasts 23 Seconds
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The price of Dogecoin spiked roughly 5% for 23 seconds at 11:11 p.m. UTC on the Binance exchange after Tesla CEO Elon Musk tweeted about the meme cryptocurrency.

Dogecoin
Image by tradingview.com

In a recent tweet, Musk complained that those who use the word “billionaire” as a pejorative are “dumb” and “morally wrong.”

After David Gokhshtein opined that the word “trillionaire” sounds much better, Musk jokingly suggested filming a movie called “Dogecoin Trillionaire.”

The mention managed to push the price of DOGE for a quick second, but the price increase ended up being very short-lived.

Last October, Musk tweeted that he would become the first Dogecoin trillionaire.

In March, the cenbillionaire confirmed that he wouldn’t sell his DOGE holdings in early March. Apart from the meme cryptocurrency, Musk also personally holds Bitcoin and Ethereum.   

The meme cryptocurrency is down 89.42% from the record high of $0.731578 that was achieved last May.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.