Dogecoin (DOGE) costs surged however didn’t skyrocket after receiving one other endorsement from Elon Musk on Twitter this Thursday morning.

The billionaire entrepreneur printed a tweet at round 0843 UTC—a Godfather meme that confirmed Marlon Brando’s iconic character, Don Vito Corleone, with a textual content that learn, “YOU COME TO ME AT RUNTIME TO TELL ME THE CODE YOU ARE RUNNING DOES NOT COMPILE.”

In the meantime, Musk captioned the tweet, writing “Launch the Doge” with an exclamation mark.

Seconds into the tweet, the DOGE/USD trade fee surged from $0.24 to $0.261—about 8.42%. A sell-off adopted go well with, which took the pair as little as $0.247. Simply then, at 0924 UTC, Musk tweeted one other gibbering Dogecoin message, which learn “Child Doge, doo, doo, doo, doo, doo, Child Doge, doo, doo, doo, doo, doo, Child Doge, doo, doo, doo, doo, doo, Child Doge.”

DOGE/USD rose 5.22% to 0.260 after the second tweet.

DOGE worth 1-minute candle chart. Supply: TradingView

Within the subsequent couple of hours, DOGE/USD tried to reclaim the intraday excessive of $0.261 on Musk issue, however profit-takers stored offsetting their upside bias, as proven through the big minute-candle bullish wicks within the chart above.

However, Dogecoin was nonetheless down by virtually 0.5% across the London midday session Thursday, hinting that Musk’s affect on the cryptocurrency market has been in decline.

Earlier this 12 months, the Tesla CEO’s whole-hearted endorsement of Dogecoin had prompted large retail-led worth spikes, insomuch that the cryptocurrency’s market cap peaked at virtually $100 billion in early Could.

In the meantime, the DOGE/USD trade fee surged to its file excessive of $0.76.

The pair is now price half of its worth two months in the past, primarily on account of a big crypto market correction that noticed virtually all of the top-cap property, together with Bitcoin (BTC), Ether (ETH), and XRP, crashing by greater than 50% as effectively. Altcoins equivalent to Dogecoin usually commerce in sync with Bitcoin.

Child Doge booms, in the meantime

Whereas Dogecoin logged temporary upside pumps, its copycat meme token, dubbed as Child Doge, climbed sharply after Musk’s 0924 UTC tweet.

Child Doge’s worth is simply too low to calculate

Child Doge was price round $0.00000001 earlier than Musk’s tweet however surged by greater than 35% later. However, the meme token’s worth remained too low even for CoinMarketCap to calculate. Its market cap was additionally zero at press time.

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