At half mast since DOGE Day, the price of Dogecoin has gained more than 20% following a tweet from Elon Musk.
The boss and influencer is not done with the DOGE. Elon Musk once again demonstrates the impact of his messages on Twitter on the price of one of the main cryptocurrencies. This is the Musk effect.
The CEO of Tesla announced Wednesday April 28 that he would participate in a very famous American TV show, Saturday Night Live. The broadcast is scheduled for May 8. What is the relationship with the DOGE? A priori none.
The Dogefather will do his show on May 8
Except that this intervention could be the opportunity for Elon Musk to evoke his interest in cryptocurrency and DOGE. In his tweet, concise as often, the boss presents himself as the “Dogefather”.
That’s enough to blow up the DOGE price. Following the publication of his tweet, the price of the crypto jumped by more than 20%. Over the past 24 hours, the asset value gained 22% to $ 0.32.
Elon Musk thus restores color to Dogecoin, at half mast since the failure of Doge Day. Born on social networks, this movement of Internet users aimed to take the course to new heights.
In the end, the operation ended in a resounding failure. Not only did the DOGE not hit a new ATH, it ended the trading day on a very steep decline. It had stagnated since far from its historical level.
The DOGE, a profitable business for minors
At nearly $ 0.32, the DOGE is up 26% over one week and 487% over one month. Cryptocurrency could now take advantage of Musk’s tweet to regain momentum. But it could first benefit from the rise in altcoins.
Affected by the fall of Bitcoin a week ago, altcoins are now registering strong increases, higher than that of BTC. When it comes to Dogecoin, investors aren’t the only winners.
The miners are making record profits. They benefit from the volume of transactions on the DOGE, and to a lesser extent from the fees on these transactions. On April 26, dogecoin miners’ income set a record $ 3.6 million.
This represents an increase over one year of more than 4000% (the price of the crypto-asset increases by 7000% over the period). Contrary to Ethereum, the blockchain is not a matter of costs for minors. They weigh less than 1% of their income.