Why Dogecoin Jumped 13%

What happened

Cryptocurrency According to Coinbase, Dogecoin (CRYPTO: DOGE) is up 12.6 percent in the last 24 hours after Elon Musk tweeted a photo of a Shiba Inu puppy. That is the news that is propelling this meme cryptocurrency higher.

So what

Elon Musk is perhaps the most important individual in the Dogecoin ecosystem, and even minor comments or tweets can have a significant impact on the price of Dogecoin and its offshoot Shiba Inu in the absence of any other news.

Meme investors, who have crowded the cryptocurrency market, appear to be reading Musk’s tweets in search of significance about the future of a cryptocurrency whose mascot is simply a Shiba Inu.

Aside from Musk’s remark, there has been no significant news in the bitcoin market. Prices are varied today, with major cryptocurrencies such as Bitcoin and Ethereum up 2.4 percent and 1.6 percent, respectively, in the last 24 hours. However, digital coins such as Solana are down 4.9 percent, indicating that the biggest move is associated to cryptocurrencies with dogs as its symbol.

Now what

This may sound like a joke, but Dogecoin, in particular, will move significantly higher or lower just on a few tweets. At the end of the day, these are simply speculative speculators pushing a speculative cryptocurrency upward.

Keep in mind that the volatility and memes that are propelling Dogecoin upward today may change course tomorrow. However, volatility appears to be the name of the game in cryptocurrencies, regardless of what you’re involved in.

Should you invest $1,000 in Dogecoin right now?

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