‘Release The Doge!’—Elon Musk Gives The Dogecoin Price A Sudden Boost As Bitcoin And Ethereum Lead The Crypto Market Lower
Bitcoin and cryptocurrencies prices have stalled this week after a late June resurgence petered out.
However, dogecoin, the meme-based cryptocurrency that's a favourite of Tesla billionaire Elon Musk, has suddenly shot higher—jumping after Musk once again tweeted in support of doge.
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"Release the doge," Musk posted to Twitter alongside a meme depicting Marlon Brando as The Godfather. Musk has previously embraced the title of Dogefather, something bestowed on him by the dogecoin community.
Musk's support of dogecoin this year has helped the doge meme-based cryptocurrency price soar, pushing dogecoin into the crypto top ten by value with a market capitalization of over $30 billion.
Earlier this week, Musk boosted the dogecoin price when he said it was "important to support" a dogecoin upgrade proposal to significantly reduce dogecoin transaction fees—something Musk has previously said he wants to do in order to make dogecoin "the currency of Earth".
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