Dogecoin price has risen more than 12%, hits intraday high at $0.273, thanks to Elon Musk?

Earlier today, Elon Musk published a tweet about what the community interpreted as “to the moon.” This tweet initially triggered the price increase of Shiba Inu (SHIB), which was then followed by a 12% rally of Dogecoin (DOGE) price. At the time of writing, the ninth-largest cryptocurrency is changing hands at $0.2566.

dogecoin-price-has-risen-more-than-12-hits-intraday-high-at-0-273-thanks-to-elon-musk

DOGE/USD 4-hour chart | Source: TradingView

Dogecoin price has risen more than 12%

Once again, the chief of Tesla and SpaceX, Elon Musk, has shown that he has still got it when it comes to pumping meme coins with his tweets. He drew an animal with a soaring rocket, which the community said was Dogecoin or its “killer” Shiba (SHIB).

dogecoin-price-has-risen-more-than-12-hits-intraday-high-at-0-273-thanks-to-elon-musk

Source: Elon Musk/Twitter

It looks more like a rabbit and has absolutely nothing to do with SHIB or DOGE. But then some crypto community members posted SHIB charts, pointing out that the meme coin has risen over 15% on that tweet of Musk. The coin reached the $0.00002885 level earlier today.

An hour later, the ninth-largest cryptocurrency, DOGE, was up more than 12%, trading at a high of $0.273. This increase did not come entirely from the tweet about Musk’s drawing. Instead, earlier today, the billionaire voiced his support for a tweet by Billy Markus, co-founder of Dogecoin, who mocked all the DOGE-hating parts of the crypto community and urged the devs to keep Dogecoin absurd.

dogecoin-price-has-risen-more-than-12-hits-intraday-high-at-0-273-thanks-to-elon-musk[2]

The DOGE community on Twitter is equally active with more than a few thousand tweets in the past hour.

After this euphoria, DOGE fell to the $0.25 zone. It looks like this will be a springboard for the upcoming growth of this meme coin. As AZCoin News reported, Dogecoin struggles to break out as the $0.25 resistance level proves significant.

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