Dogecoin rallies around Elon Musk’s tweet – fr

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Dogecoin jumps 30% to hit record above 50 cents as speculative crypto trading continues – fr


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Dogecoin climbed over 40% early Friday after a tweet from supporter Elon Musk and, as Coinbase said, it would list the meme-inspired cryptocurrency.
The price of dogecoin hit an intraday high of around 55 cents at 2:30 a.m. ET, according to data from Coin Metrics. It is still down about 18% from the record high of nearly 67 cents just a week ago.

Musk tweeted Thursday that he is working with dogecoin developers to improve transaction efficiency.

Tesla’s CEO on Wednesday announced by surprise that his electric car company would stop accepting bitcoin as payment due to concerns about its environmental impact.

This led to a brutal sell-off of cryptocurrencies, including dogecoin. Dogecoin had already fallen significantly after Musk’s appearance on Saturday Night Live, in which he called the digital coin a “scramble.”

Meanwhile, crypto exchange platform Coinbase said on Thursday that it will offer dogecoin support within the next six to eight weeks. Many crypto traders have flocked to the Robinhood no-charge investing app to trade the meme token; now Coinbase’s move could lead to more business activity.

Dogecoin is not taken very seriously by loyal Bitcoin supporters. It started in 2013 as a joke, inspired by the ‘Doge’ meme, but has since found a growing community online. Dogecoin is now the fourth largest crypto by market value on CoinMarketCap, worth over $ 69 billion.

Financial experts warn that dogecoin is a highly speculative asset. This has raised concerns about a potential bubble in the crypto markets – although some economists would say all cryptocurrencies are in a bubble.

Last week, Bank of England Governor Andrew Bailey warned that crypto investors should be “ready to lose all your money”, echoing a similar warning from the UK’s Financial Conduct Authority.

Bitcoin was slightly higher on Friday, with the world’s largest digital asset rising about 0.3% to a price of $ 49,052. Ether, the second largest cryptocurrency, rose 3.6%, to $ 3,805.

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