Musk sends Dogecoin soaring after recent tweet

Tesla CEO, Elon Musk has sent the price of Dogecoin soaring within just 15 minutes after releasing his latest about the cryptocurrency.

Dogecoin soared by $10 billion following the tweet by the Tesla boss.

After shocking Bitcoin bulls yesterday by pulling Tesla out of an agreement to accept cryptocurrency as payment for cars, Mr Musk doubled down on his Dogecoin promotion by hinting that he would join the effort to develop the coin.

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What is Dogecoin?

Dogecoin is one of the most unlikely winners of the internet’s fascination with cryptocurrency.

The crypto was actually created as a joke to parody the wild adoption of different cryptocurrencies, such as Bitcoin. The Dogecoin logo is a cartoon face of a Shiba Inu dog, made popular by the wildly successful “Doge” meme which showed a picture of the dog with text such as “much wow” and “so excite”.