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Economy

Elon musk endorses Dogecoin, Prices Soar

The business magnate, CEO of Tesla and SpaceX, Elon Musk, returned to Twitter after announcing taking a break from it. He tweeted his support for the Cryptocurrency Dogecoin after which it surged more than 50% on Thursday.

Dogecoin increased to $0.05798 according to data on blockchain and cryptocurrency website Coindesk. First Musk tweeted “Doge” followed by another tweet saying, “Dogecoin is the people’s crypto”.

SpaceX chief’s tweets about companies recently have sent the prices soaring. Shares of the GameStop, Etsy and CD Projekt have jumped following comments on his Twitter account about them.

His tag about the crypto world, “#bitcoin” on his Twitter sent the most popular currency flying last Friday. He later took off the tag.

Cryptocurrencies are gaining traction with more mainstream investors. The euphoria boosted the total market value of all cryptocurrencies above $1 trillion for the first time earlier in January.

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