Dogecoin saw a significant increase in transactions after Elon Musk unexpectedly appeared in a Twitter area and screamed “DOGE to the Moon.”
Data from Crypto Vinco shows that shortly after Musk’s remark, Dogecoin saw a $1.5 billion inflow.
The massive amount of money invested in the biggest dog-themed cryptocurrency in the world also drove up the price of DOGE by 12%. In one hour, DOGE increased from $0.079 to $0.089, based on information from Coingecko.