share this article!

After a late-June rally, bitcoin and cryptocurrency prices have paused this week. However, dogecoin, the meme-based cryptocurrency favored by Tesla entrepreneur Elon Musk, has soared after Musk once again tweeted in support of the cryptocurrency.
Sign up for CryptoCodex, a free daily email that succinctly explains the world of bitcoin. Every weekday at 7 a.m. EDT in your mailbox
ADDITIONAL INFORMATION FROM FORBESIs Is This Elon Musk, the billionaire Tesla CEOSurprising ,’s Bitcoin Solution? Billy Bambrough contributed to this article.

Elon Musk, the CEO of Tesla, appears to have adopted dogecoin as his pet project, routinely raising the dogecoin price even while the bitcoin price decreases.
Getty Images/AFP
“Release the doge,” Musk said on Twitter, accompanied by a meme of Marlon Brando as The Godfather. Following the post, the price of dogecoin increased by 4%. Musk has previously claimed the moniker “Dogefather,” which was bestowed upon him by the dogecoin community.
ADDITIONAL INFORMATION FOR YOU
Musk’s support for dogecoin this year has pushed the meme-based cryptocurrency into the top ten in terms of market valuation, with a market cap of over $30 billion.
Musk increased the price of dogecoin earlier this week when he said it was “critical to support” a dogecoin upgrade proposal that would dramatically cut transaction fees—something Musk has previously stated he wants to do in order to become dogecoin “the currency of Earth.”
Every day, CryptoCodex helps you grasp the world of bitcoin and cryptocurrency.
ADDITIONAL INFORMATION FROM FORBESelon By Billy Bambrough Musk Reveals Surprising Support For A Radical Upgrade Proposal To ‘Joke’ Bitcoin Rival Dogecoin, Sending Its Price Sharply HigherBy Billy Bambrough Musk Reveals Surprising Support For A Radical Upgrade Proposal To ‘Joke’ Bitcoin Rival Dogecoin, Sending Its Price Sharply Higher

Elon Musk’s latest dogecoin tweet has boosted the price of the cryptocurrency by roughly 4%. In the meantime, bitcoin… [+] and other major cryptocurrencies have plummeted in value.
Coinbase
The price of dogecoin, on the other hand, has dropped by more than half from its peak in early May, just ahead of Musk’s much-anticipated appearance on Saturday Night Live.
As the early 2021 cryptocurrency market bubble begins to deflate, bitcoin, ethereum, and other major cryptocurrencies have also fallen substantially in recent weeks./nRead More

share this article!