Tesla CEO Elon Musk
Tesla CEO Elon Musk
File Photo

After Tesla’s Elon Musk tweeted about purchasing meme-inspired cryptocurrency Dogecoin for his son X Æ A-Xii, the currency value surged by 16 per cent. It touched USD 0.081 per Dogecoin, stated a new report.

According to Coindesk, the cryptocurrency’s 24-hour low was USD 0.066. After the tweet by the SpaceX CEO, the value of the cryptocurrency touched USD 0.079. The all-time high of the currency was on February 8 at USD 0.087. This was also due to series of tweets posted by the billionaire.

After Bitcoin, Dogecoin, a shiba inu meme-inspired cryptocurrency, is his newfound love among digital currencies. On February 4, he wrote a series of tweets on this currency. Since then the currency has seen its value zoom. Most of the rise in value is short-lived as you see a drop on the currency value after a few days. The same happened with Bitcoin as well.

Couple of days back, Musk's Tesla invested USD 1.5 billion in the digital currency, Bitcoin (BTC). This led to a surge in Bitcoin’s value. The value of BTC in one year has increased by about 50 per cent. After touching a peak of USD 47,000 per piece on February 9. Now, Bitcoin’s value has dropped, at USD 44,891.22 per piece (at 9.57 am IST).

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