Dogecoin jumped nearly 10% off near-record lows on Sunday after Elon Musk said he would continue to buy the cryptocurrency. | BISouthAfrica
Elon Musk said he would keep supporting Dogecoin, sending its price up by nearly 10%.Bitcoin and Ethereum remained volatile after big losses on Saturday. Dogecoin jumped nearly 10% off near-record lows on Sunday after Elon Musk said he would continue to buy the cryptocurrency.In response to another user telling Musk to"keep buying it then," he replied:"I am."
Musk's tweets caused the cryptocurrency to spike nearly 10% in the space of an hour to $0.056, helping to compensate for heavy declines over the past month. It has aligned with a rebound in other cryptocurrencies as they struggle following significant losses. After a record 12-day losing streak, Bitcoin was trading at about $18,300 on Sunday after sliding under $20,000 on Saturday, according to CoinDesk. It had been as low as $17,600.The rises represent a fraction of the losses given up by cryptos this year, with Bitcoin down 70% and Ethereum down about three quarters this year. Dogecoin is down by two thirds., but has gained fans since Musk began to champion the coin in 2019.
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