Why Dogecoin Was Rising on Saturday

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What took place

One of the most popular– if not the most popular– Dogecoin ( DOGE 3.06% ) bulls worldwide was assisting the cryptocurrency relocation higher onSaturday Earlier in the day, Tesla CEO Elon Musk responded favorably to a tongue-in-cheek idea about the meme that influenced the token.

When Elon makes a remark even from another location associated to Dogecoin, the crypto world tends to listen. The coin was up by over 3% in late afternoon trading.

Image source: Getty Images.

So what

Saturday early morning, Musk tweeted yet another of his musings on Twitter, the messaging platform he appears to have a heavy love/hate relationship with.

“Given that Twitter works as the de facto public town square, stopping working to stick to complimentary speech concepts essentially weakens democracy. What should be done?” he composed.

Since he’s a prominent Twitter user and has more than 79 million fans, numerous responded to with suggestions. A user called The Chairman had one off-the-wall idea: “simply purchase twitter and alter the bird logo design to a doge.”

Off- the-wall ideas often resonate with Musk, so he addressed this one with a tweet answering “Haha that would be sickkk.”

Investors most likely took this as a fresh recommendation of Dogecoin, a coin Musk has actually held and, sometimes, plugged as a important and feasible financial investment. Earlier this month, in reaction to yet another tweet, Musk specified that “I still own & & will not offer my Bitcoin, Ethereum or Doge[coin] [for what it’s worth].”

Now what

It nearly goes without stating that no financier ought to ever purchase, hold, or offer any possession based upon the declarations– direct or otherwise– of a celebrity.

That stated, Musk’s bullishness is a sign of the belief and the enthusiasm specific Dogecoin holders have in their

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