On Tuesday, the value of the seventh most valuable cryptocurrency in the world increased by 8.9 percent.
After a logo for the famous meme-based cryptocurrency appeared on the profile of Elon Musk’s revamped Twitter account on Tuesday, Dogecoin frenzy returned.
At 4:39 PM New York time, CoinGecko reported that the price of ether, the sixth most valuable cryptocurrency in the world. The number of trades has increased to almost $1.7 billion, making this the highest price since April.
At the same time that the event was happening, the symbol ” appeared in the section of Musk’s Twitter profile that is typically used to indicate a location. It now sits just beneath the company’s new “X” logo.
Musk, who acquired the network last year, retweeted an anonymous user who uses the handle “DogeDesigner.”
The price of dogecoin is known to fluctuate in response to Musk’s tweets. When Twitter switched its logo to a Shiba Inu dog image connected with the token earlier this year, the price of the cryptocurrency spiked by more than 8% before plummeting.
According to CoinMarketCap, the value of all Dogecoins in circulation is presently $11.4 billion. With a weekly gain of 18.9 percent, it ranks third among all tokens the platform monitors.
Also Read: XRP Is Now the Most-Traded Alternative Coin
