Crypto News - Dogecoin price increases after tweets from Elon Musk and Mark Cuban - Bitcoin News

Dogecoin's price increased 20% in 24 hours on Wednesday to 32 cents after Tesla CEO Elon Musk and the owner of the Dallas Mavericks, Mark Cuban composed a series of tweets, ShareCast reports.

Elon Musk and Mark Cuban both made tweets supporting the meme-inspired cryptocurrency.

On Wednesday, Musk merely tweeted: "The Dogefather SNL May 8." This is both a reference to his frequent tweets about dogecoin-- which he claims are "just suggested to be jokes"-- and Musk's organized look on Saturday Night Live.

Mark Cuban had composed numerous posts 2 days before. The billionaire business owner and TV personality stated his NBA group was on track to finish 6,000 dogecoin deals in April.

" Doge is the one coin that individuals in fact utilize for deals," Cuban said, when asked by a user why he was backing dogecoin. "People invest their Doge which implies more companies will start taking it."

According to information from Coin Metrics, the cryptocurrency, which began as a joke in 2013, struck a record high above 45 cents previously in April.

The crypto is now the sixth-largest digital coin with an overall market value of nearly $42bn.

It wasn't the first time that a tweets from Musk had actually activated a price spike. The billionaire Tesla CEO once called dogecoin his "fav" cryptocurrency and "the people's crypto."

There was concern among some financiers that a speculative bubble was forming in Dogecoin.