Elon Musk's tweet increased Dogecoin price by 17%

Elon Musk tweeted about the possible prospect of using Dogecoin as an alternative to the global financial system.

It’s inevitable pic.twitter.com/eBKnQm6QyF

— Elon Musk (@elonmusk) July 18, 2020

The joke led to the growth of cryptocurrency

After the publication, the value of DOGE coins increased from 0.003 to 0.0035 USD. A little time later, the rate corrected at 0.0034 USD per 1 DOGE, and the capitalisation of the Dogecoin project at the time of writing the news is 430 million US dollars.

Musk previously confessed his love for Dogecoin

In 2019, Elon Musk already spoke about his sympathy for Dogecoin. On April 1, Musk won a comic vote for the position of head of this project. Ethereum creator Vitalik Buterin and Charlie Lee, the author of the Litecoin project, also took part as candidates.

“Dogecoin may be my favorite cryptocurrency. It's pretty cool, ”the entrepreneur wrote on his twitter.