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Dogecoin (DOGE) temporarily spiked as much as 10% during Asian trading hours on Monday after Tesla CEO Elon Musk said in a tweet that he is not selling his crypto holdings, which include the popular:
- DOGE exchanged hands at $0.111 on 4:10 UTC amid a largely flat crypto market. It surged following Musk’s tweet at 4:11 UTC, where he said he will continue to hold DOGE, ether, and bitcoin, and reached as high as $0.122 at 4:17 UTC.
- The spike in shares could be the result of a bot or an algorithm that tracks mentions of the company name or even the word Tesla. The CEO’s Twitter feed had a following of 77.6 million.
- DOGE prices dropped down to the $0.113 level.
- Elon Musk has been tweeting about Dogecoin in the past. In February 2021, he posted a picture of a rocket next to the moon and followed that tweet with a one word tweet that read “Doge”.
- In May 2021, Musk stated he was working with dogecoin developers to improve system efficiency, which sent DOGE prices soaring by 22%.
- Musk’s Tesla Motors is one of the first car makers to accept DOGE, the cryptocurrency for the internet community, as payment. And yes, he has even put the “Giga Texas Belt Buckle” and other merchandise on sale.
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