Elon Musk’s drone show sparks 8% rally in Dogecoin

New Delhi: Tesla chief Elon Musk has once again sparked a rally in Dogecoin, the largest meme token in cryptoverse. It is the second time in the ongoing week when Dogecoin has been flying high, thanks to the mercurial technocrat. While hosting ‘The Cyber Rodeo’ party in Texas, Musk unabashedly used drones to project Doge.

Following the presentation from Elon Musk, the prices of crypto tokens rallied more than 8 per cent to $0.1527 from $0.1418 in the last 24 hours, data from Coinmarketcap suggests.

However, volumes of the token have dropped about 42 per cent as tokens worth $1.59 billion exchanged hands in the last one day. Its market cap topped the $20 billion mark once again.

Elon Musk recently made a big ‘Doge’ out of drones and since then it has been rallying high, said Ganesh Kompella, Venture Partner, Tykhe Block Ventures.

“The world’s richest man is obsessed with this meme coin,” he added. “With this drone show coupled with him being on Twitter’s board, one can assume some more fireworks are on the way.”

Echoing a similar opinion, Sharat Chandra, VP- Research & Strategy, EarthID, said Dogecoin prices have been trading higher since Musk bought a stake in Twitter.

“After accepting Dogecoin payments for Tesla merchandise, he seems to be in no mood to leave any stone unturned to integrate Doge into Tesla’s overall ecosystem,” added Chandra.

Earlier this week, Dogecoin hit a new quarterly high following Twitter’s announcement of Elon Musk as the newest member of its board of directors.

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