Dogecoin Up 9% After Elon Musk Calls DOGE ‘The People’s Crypto’

Dogecoin (DOGE) has jumped up by 9% to $0.27 following Elon Musk’s latest tweets, where the world’s richest person described DOGE as ‘the people’s crypto’.

Replying to a Benzinga article that said one-third of US crypto holders own DOGE, Musk said that many workers on the Tesla and SpaceX production lines held DOGE.

“They aren’t financial experts or Silicon Valley technologists,” he said. “That’s why I decided to support Doge - it felt like the people’s crypto.”

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‘The People’s Crypto’ Soars After Musk Tweet

Prior to Musk’s tweet, DOGE was already posting positive returns yesterday. After starting the day at $0.2489, it was at $0.2563 before Musk started his string of tweets about DOGE.

Musk first reaffirmed that he only held Bitcoin, Ethereum and Dogecoin. Following this tweet, DOGE spiked 5% before almost immediately dropping to its previous level.

Shiba Inu Coin (SHIB) hodlers also attacked Musk for a perceived hit on their token, which dropped after Musk said he did not own any SHIB.

After his ‘people’s crypto’ tweet, DOGE found a more gradual rise, peaking at $0.2819 earlier today. At the time of writing, Dogecoin’s price is $0.2703 - up 8.63% in the past 24 hours (via CoinMarketCap).

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Dogecoin, which has recently struggled compared to other coins, is now up 12% in the last week - a feat only beaten by Solana (SOL) in the top 10 cryptocurrencies by market cap.

Its fellow memecoin SHIB has seen further gains, soaring 36% in the past week and hitting a new All-Time High (ATH) over the weekend. DOGE remains 63% down from its ATH.

While the billionaire described DOGE as the ‘people’s crypto’, just 20 wallets hold over 50% of the total Dogecoin supply. One wallet holds 36,711,947,722 DOGE - some 27.88%. In contrast, the top 20 Bitcoin wallets hold 7.25% of Bitcoin.

Musk’s Tesla has come under fire for its anti-union efforts in the past. In 2019, a judge ruled that an anti-union tweet posted by the Dogefather broke US labour laws.

Read More: You Can Burn Shiba Inu Coin (SHIB) Just By Listening To A Playlist

Image:Steve Jurvetson/Flickr]