Dogecoin Soars 20% on Elon Musk's Single Comment

Mark Cuban Also Joins Dogecoin Support
Robinhood Announces Cryptocurrency Withdrawal Support

[Asia Economy New York=Correspondent Baek Jong-min] The cryptocurrency Dogecoin is once again on the rise. Analysts say this is due to supportive remarks about Dogecoin from famous personalities.

On the 28th (local time), Elon Musk, CEO of Tesla, tweeted, "Dogefather will appear on Saturday Night Live (SNL) on May 8."

This was interpreted as a signal that Musk, scheduled to host the popular NBC program SNL, might mention Dogecoin during the broadcast.

Dogecoin investors cheered Musk's tweet. The cheers led to a sharp rise in Dogecoin's price.

After Musk's tweet, Dogecoin's price surged from 26 cents to the 32-cent range in an instant. The price increase rate soared up to 20% compared to 24 hours earlier before settling down to the 10% range, but the bullish trend remains strong.

Individual investors had been paying close attention to whether Musk would mention Dogecoin on the show, and the hint of such a possibility led to a surge in investment.

Musk is the main driver behind Dogecoin's bullish trend. After he began mentioning Dogecoin late last year, many individuals followed suit with buying. Dogecoin's price skyrocketed vertically from 5 cents in March to 45 cents.

Musk previously revealed that Tesla sold 10% of its Bitcoin holdings, earning $101 million, which drew heavy criticism from cryptocurrency investors. As criticism spread, he emphasized that he himself did not sell any Bitcoin.

Besides Musk, billionaire investor Mark Cuban also contributed to Dogecoin's rise. He highlighted that his NBA team would conduct 6,000 Dogecoin transactions this month, emphasizing that Dogecoin can be used in commerce.

Robinhood CEO Vlad Tenev also fueled expectations for Dogecoin. He announced that cryptocurrencies like Dogecoin purchased on Robinhood would be able to be withdrawn to other cryptocurrency wallets. This was a response to Cuban's claim that Dogecoin bought on Robinhood could not be withdrawn, making it difficult to use in commerce.

Robinhood is the most representative stock trading app in the U.S., but it also allows cryptocurrency purchases. Robinhood supports trading only for Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin SV, Bitcoin Cash, and Dogecoin, but it does not provide withdrawal functionality.