Dogecoin goes for a run: DOGE experiences comfortable gains in the market

Quick Take

1 minute read

• Dogecoin has been experiencing some serious gains already this week.

•  It has been able to push above 1% per token after Angela White supported the token on Twitter.

Dogecoin, the well-known meme-based crypto asset supported by the Tesla chief executive, Elon Musk, has been experiencing some serious gains already this week. It has been able to push above 1% per token after Angela White, an Australian adult film star, supported the token on Twitter.

On Twitter, she said:

Been HODLing my $Doge since 2014. MUCH PATIENCE. TO THE MOON 🚀 #dogecoin

She changed her profile picture on Twitter to her wearing a T-shirt with the dogecoin meme endorsing the project even more.

This beats the previous price increase from the Tesla CEO when it spiked 25% after he mentioned crypto on his Twitter account last month. As Angela mentioned it on her account, the impact was nearly instant with a 125% price increase for the asset.

Dogecoin is a fan favourite throughout the crypto industry with many people seeing the appeal of the Internet meme being integrated into a legitimate crypto asset. The fact that Elon Musk is such an open fan of the project speaks volumes as well.

Last month on the 20th of December, the Tesla CEO tweeted the following:

Bitcoin is my safe word

— Elon Musk (@elonmusk) December 20, 2020

As a result of this, Dogecoin increased in price as Musk is a well-known supporter of the asset but what does this mean? 

Many technical analysts have said that the spike of the asset has sparked rallies in the past for alternative crypto assets. However, it is hard to say what will happen this time around. Before we finish, it is worth saying that we are not financial advisors and this is not financial advice. Please do your own research before investing in crypto assets.

Currently, the crypto asset is priced at $0.009 following a 10.12% increase over the past 24 hours. The coin is also placed at number 30 according to the markets at the time of writing.

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