Dogecoin Rebounds to $0.40 USD After Elon Musk Tweet

Dogecoin on Thursday rebounded to $0.40 USD per coin after the cryptocurrency market experienced huge losses the day prior.

According to Coindesk, dogecoin rose to nearly $0.43 USD on Thursday morning before leveling off to about $0.40 USD later in the day. The memecoin has seen an 11 percent increase within the past 24 hours and currently has a market cap of about $51.6 billion USD.

Musk — who has fervently embraced dogecoin and whose tweets have historically sent the coin into a frenzy — referenced the digital currency in a tweet on Thursday morning.

How much is that Doge in the window? pic.twitter.com/bxTkWOr50V

— Elon Musk (@elonmusk) May 20, 2021

“How much is that Doge in the window?” he wrote.

Later in a tweet response, Musk said he won’t be selling off any of his dogecoin, a comforting sign to investors amid enhanced volatility.

Yeah, I haven’t & won’t sell any Doge

— Elon Musk (@elonmusk) May 20, 2021

Musk’s activities have also impacted the value of bitcoin. Following Tesla‘s announcement that it would no longer be accepting the largest cryptocurrency as payment for its electric vehicles, the coin dipped below $45,000 USD — down from a high of $51,000 USD last week.

On Wednesday, the coin sunk to the lowest price in months of just under $35,000 USD, according to Coindesk, while dogecoin plunged to $0.30 USD.

In other news, people pretending to be Musk online have made millions from the scam in recent years, according to the Federal Trade Commission.