Dogecoin rallies over 25% after Elon Musk's tweet; Here's why

Tech billionaire Elon Musk has yet again caused a pump in the prices of Dogecoin, the popular meme cryptocurrency. Musk tweeted an image of a dog wearing a t-shirt with the Twitter logo along with a Halloween pumpkin and this tweet caused has a sharp rally in the prices of Dogecoin.

Musk tweeted:

After the tweet, Dogecoin gained around 26 per cent. The meme token was trading at $ 0.12 at 9:46 AM on Tuesday, just before Musk's tweet. The token gained  25.90 per cent and peaked at $0.147 at 11:55 AM.

Crypto enthusiasts are taking it as a sign of integration of Dogecoin with the Twitter ecosystem.

A user tweeted:

Several other users tweeted that Doge would be the official cryptocurrency of Twitter. Their tweets read:

Some crypto traders also shared images of the Doge candlestick chart.

Another user tweeted:

Dogecoin was trading at $0.1452 at 12:52 PM, up 23.48 per cent. Its 24-hour trading volume stood at $7,041,252,942.

Also Read: Crypto price today: Dogecoin rallies 16% after Elon Musk’s Twitter antics; crypto markets reclaim $1 trillion mark - BusinessToday

Also Read: Cryptocurrency price today: Bitcoin, Ethereum, Shiba Inu in green, Dogecoin down; majority tokens gain - BusinessToday