DOGE price has gone up but not skyrocketed after receiving further confirmation from Elon Musk on Twitter today.

The billionaire businessman (self-proclaimed “The Godfather of Dogecoin”) posted a tweet at around 3:43 pm KST showing Marlon Brando’s iconic character from The Godfather, Don Vito Corleone, which reads:

“Come on over to me and I’ll tell you the code you’re running isn’t working.”

Meanwhile, Musk has added an exclamation mark to the tweet with the words “Free the Doge”.

Release the Doge! pic.twitter.com/9bXCWQLIhu

– Elon Musk (@elonmusk) July 1, 2021

Seconds after the tweet, the DOGE / USD rate jumped from $ 0.24 to $ 0.261 – about 8.42%. However, a sell-off soon ensued, pushing the pair as low as $ 0.247. At 4:24 p.m. local time, Musk tweeted another hilarious Dogecoin message. Have content:

“Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, Doo, doo, doo, Baby Doge”.

DOGE / USD rose 5.22% to $ 0.26 after the second tweet.

1 minute candlestick chart shows Price DOGE after Musk’s tweets | Source: TradingView

For the next several hours, DOGE / USD attempted to retake the intraday high of $ 0.261, but profit takers continued to offset the uptrend, as shown by the bullish wick of the large minute candle in the chart above.

However, DOGE is still down nearly 0.5% in afternoon trading, suggesting Musk’s influence in the crypto market is wearing off.

Earlier this year, Dogecoin’s enthusiastic endorsements from the Tesla CEO resulted in a price spike, led by retailers. As a result, the market capitalization of this cryptocurrency peaked at nearly $ 100 billion in early May.

Odd Lots Podcast presenter Joe Weisenthal also tweets:

“Even Elon, who tweeted about DOGE, stopped working.”

Meanwhile, on May 8th of this year, the DOGE / USD rate rose to a record high of USD 0.76.

The pair is now worth half what it was 2 months ago, largely due to a significant market correction that saw most of the highest capitalization assets, including Bitcoin, ETH and Bitcoin.XRP, down more than 50%. Altcoins like DOGE are often traded synchronously with Bitcoin.

damned.

not even @elonmusk Doge can no longer pump.

we’re all going to die poor, right? pic.twitter.com/JBVbFx3oFD

– NFTeddy (@TeddyCleps) July 1, 2021

“Damn it. WOMENEven Elon Musk can no longer pump DOGE. BILLIONwe will all die drown in the poor heavy“.

Baby doge explodes

While DOGE was seeing rapid price spikes, its clone meme token named Baby Doge soared after Musk’s 16:24 tweet.

Baby Doge’s price is too low to calculate | Source: CoinMarketCap

Baby Doge was worth about $ 0.00000001 before Musk’s tweet, but is up more than 35% since. Currently the price has increased nearly 90% in the last 24 hours. However, the value of this meme token is still too low even if CoinMarketCap tries to calculate it. The market capitalization is also zero at the time of going to press.

Minh Anh

According to Cointelegraph

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