The memecoin’s price often surges after celebrity mentions.
Dogecoin (DOGE) surged up to 10% during Asian trading hours on Monday after Tesla CEO Elon Musk stated in a tweet that he is not selling his crypto assets, which include DOGE.
DOGE was trading at $0.111 at 4:10 UTC in a generally flat crypto market. It soared after Musk’s tweet at 4:11 UTC, in which he stated that he will continue to own DOGE, ether, and bitcoin, and hit a high of $0.122 at 4:17 UTC.
The rise was most likely caused by automated trading bots that monitor token mentions from prominent accounts on social media platforms such as Twitter. Musk’s Twitter account, for example, has almost 77.6 million followers.
DOGE prices have dropped to $0.113 from their morning high at the time of writing.
Musk has already mentioned DOGE in a number of tweets. In February 2021, he tweeted an image of a rocket adjacent to the moon, followed by the word “Doge” — a play on the phrase “going to the moon,” a euphemism for an asset price increase.
Musk claimed in May 2021 that he was working with dogecoin developers to increase system efficiency, which caused DOGE values to skyrocket by 22 percent.
As previously reported, Musk’s Tesla began taking DOGE payments on its goods site early this year. DOGE payments are still accepted, with the “Giga Texas Belt Buckle” and other things priced in both USD and DOGE.