In a tweet from 28. In April, Musk called himself a rainmaker as he prepared to air the popular American TV show on the 8th. May prepared.
SNL 8. May
– Elon Musk (@elonmusk) 28. April 2021
Musk is known for his PR stunts when it comes to Dogecoin, with posts on social media often leading to price increases – something Bitcoin (BTC) has also benefited from.
A familiar scenario for Dogecoin fans, Musk’s latest round of announcements immediately led to an uptick in DOGE/USD, which at the time of writing is up 20% in a matter of hours.
The earlier drop in bitcoin prices has cost the altcoin sector dearly, with DOGE well below its recent high of $0.47.
The rise was partly driven by Musk’s promise to put a literal dogecon on a literal moon with the recent launch of a rocket from one of his companies, SpaceX.
Last week’s impromptu celebration, dubbed Dogecoin Day, was intended to push the price of DOGE to a stratospheric $4.20 at launch – an initiative that ended up falling far short of expectations.
DOGE/USD 1 day candlestick chart (Bittrex). Source: View of the shop
Wide Eye Analyzer Alcoin Durability
Still, the latest tweet immediately put DOGE in the top three of the day with a 20% gain to $0.32, beating Ether (ETH), which itself just set new records.
Meanwhile, bitcoin continued to fluctuate within the range, failing to cement the $55,000 mark as a bargain for those expecting the Alt-2.0 season to continue.
This recent reversal in altcoin market capitalization is much sharper than February’s record highs, the popular Twitter account Rekt Capital noted Tuesday, comparing different retracements in 2021.
Even April’s trajectory is 17% lower than February’s. All of these signs point to a high level of interest in Altcoin in general.Graph showing the evolution of altcoin market capitalization. Source: Rekt Capital/Twitter
Unsubstantiated rumors that Facebook will announce a BTC payout in its quarterly results expected later today served as a bullish counterweight to sentiment.
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