Elon Musk just made #dogecoin out of drones.$DOGE is rallying.https://t.co/0lA4JMuano https://t.co/c7uU2VvZGq
— unusual_whales (@unusual_whales) 1649384415000
DOGE was spotted in an amazing drone show at Tesla Cyber Rodeo event just now! #Dogecoin @elonmusk https://t.co/WulJcD8Mpr
— DogeDesigner (@cb_doge) 1649384552000
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.