Elon Musk and Snoop Dogg shoot Dogecoin to new all-time high

Dogecoin pumps – again. And again Elon Musk has his fingers, or thumbs, in the game. Because the Tesla boss has once again made waves with flirty DOGE tweets. Waves that rap legend Snoop Dogg and KISS guitarist Gene Simmons are surfing on.

After Elon Musk repeatedly tweeted about DOGE and received support from other celebrities, the Dogecoin price hit a new all-time high of $ 0.08 on February 7th. At the time of going to press, the fun coin was trading at $ 0.72 – almost 92 percent higher than a week ago.

The three holy Doge-Kings

In the meantime, DOGE has made a rendezvous on other prominent Twitter timelines. KISS guitarist Gene Simmons recently joined the ranks of the Dogecoin Twitterati.

I bought Dogecoin … six digits

A tweet from Snoop Dogg also made big waves, now crowning the rap icon’s timeline as an attached tweet.

With such prominent support, it’s no wonder Dogecoin, which only experienced a massive pump in late January, has been promoted to a new all-time high by Musk, Snoop Dogg, and Simmons. It is doubtful whether that is enough to make Dogecoin the world currency.

Even if, according to a survey initiated by Musk, some people wish:

In contrast to Musk’s mission to Mars, there is no need for rocket science to establish a connection between the Twitter antics of the SpaceX boss and noticeable price movements in Bitcoin and Dogecoin. But how close this connection really is was highlighted in a study on February 3rd by the Blockchain Research Lab at the University of Hamburg. In it, the author of the study abnormal price movements (CAR, Cummultative abnormal return) at DOGE and BTC for tweets Elon Musk examined . The result: especially in the first few hours after the mention, the relevant courses skyrocketed.

Musk’s Twitter bio change to #bitcoin resulted in a significant CAR of 6.31% over 30 minutes that increased to 13.19% over an hour and 18.99% over a 7 hour period. Musk’s tweet “One Word: Doge” resulted in a significant CAR of 8.17% over a five minute window and peaked at 17.31% over the one hour period.

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