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Dogecoin price rises after tweets from Elon Musk and Mark Cuban.
Dogecoin's price rose 20% in 24 hours on Wednesday to 32 cents after Tesla CEO Elon Musk and the owner of the Dallas Mavericks, Mark Cuban composed a series of tweets, ShareCast reports.
Elon Musk and Mark Cuban both made tweets supporting the meme-inspired cryptocurrency.
On Wednesday, Musk simply tweeted: "The Dogefather SNL May 8." This is both a reference to his regular tweets about dogecoin-- which he claims are "simply suggested to be jokes"-- and Musk's planned look on Saturday Night Live.
Mark Cuban had actually composed numerous posts 2 days previously. The billionaire business owner and TV personality stated his NBA team was on track to finish 6,000 dogecoin transactions in April.
" Doge is the one coin that individuals actually use for transactions," Cuban said, when asked by a user why he was backing dogecoin. "People invest their Doge which indicates more services will start taking it."
According to data from Coin Metrics, the cryptocurrency, which started as a joke in 2013, hit a record high above 45 cents previously in April.
The crypto is now the sixth-largest digital coin with a total market value of practically $42bn.
It wasn't the very first time that a tweets from Musk had actually activated a price spike. The billionaire Tesla CEO when called dogecoin his "fav" cryptocurrency and "individuals's crypto."
There was issue among some financiers that a speculative bubble was forming in Dogecoin.
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