Dogecoin up by 9% after Musk calls it the ‘people’s crypto’

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Amidst the crypto market taking a rest after a continuous upward motion, meme crypto king, Dogecoin (DOGE) has refused to step back. It has made a strong upward motion after Tesla Chief Executive Officer (CEO) Elon Musk called it “people’s cryptocurrency.”

On Twitter, the billionaire, while explaining the reasons why he supports DOGE, called the meme coin people’s crypto. He said:

“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”

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Before this, Musk announced in May that his company will accept payment in DOGE for its coming space missions. As TheCoinRise reported, the coin’s price always surges whenever Elon talks about it.

Finder conducted a survey recently which indicates that the United States has almost doubled the DOGE adoption rate when compared to other countries. The report also states that 33% of the U.S. crypto investors have invested in Dogecoin.

Dogecoin rises from $0.245 to $0.285 in 24 hours

Dogecoin in the last 24 hours, has risen by 9.76%. However, it has rested down by going down by 3% today. Interestingly, the trading volume of the coin has increased by more than 300% implying the increased popularity after Elon’s tweet.

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Additionally, Shiba Inu has also joined hands with DOGE by attaining its All-time High (ATH) at $0.000042. It has skyrocketed over 500% in less than a month.

However, the sentiments for SHIB are negative after a savage reply by Musk on how much of SHIB he holds. The Tesla founder denied holding any of SHIB by replying “None.” He said that he only holds DOGE among all meme currencies.

Data provider Santiment shows on-chain data being negative for SHIB.

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