Yerevan (CoinChapter.com) – Dogecoin (DOGE) is back in the saddle after a choppy performance earlier this week. The token rose 47% in 24 hours, reaching $0.56 in the early London session Friday, thanks to a single “potentially promising” tweet from Elon Musk, the billionaire entrepreneur and the most famous proponent of the meme currency.
After the self-proclaimed ‘Dogefather’ disappointed Dogecoin traders during his guest-hosting of the Saturday Night Live show, the token plunged by as much as 43 percent from its weekly top.
Read more: Dogecoin Dives after Elon Musk Calls It A ‘Hustle’ on Saturday Night Live
Late Thursday, however, Dogecoin gained momentum, after the Tesla and SpaceX CEO announced that he is working DOGE developers to “improve system transaction efficiency,” reiterating his support for the token beyond sarcastic tweets.
Dogecoin price responded promptly and got back above its 20-day Exponential Moving Average (EMA-20), the technical wave support that has lately held the cryptocurrency’s short-term upside bias.
Read more: Dogecoin Holds Bullish Bias Despite Brutal Overnight Crash; What’s Next?
The Elon Musk’s pro-Dogecoin tweet coincided with the US cryptocurrency exchange Coinbase’s decision to add the cryptocurrency to its platform.
Coinbase’s chief executive Brian Armstrong told the Financial Times that their team was looking into “certain crypto assets that are experiencing large trading volume and growth in market capitalization,” but that remained unavailable at their trading platform. Dogecoin fitted the description.
Another support crutch for the coin came from AppSwarm Corp, a mobile apps development firm. Together with DogeLab.lo startup, AppSwarm planned to build out a global Dogecoin development team. The main focus is to build applications on top of DOGE’s blockchain.
Read more: Retarded Dogecoin Price Boom To End Following Saturday Night Live, Says Top Exec
Despite being the fourth-largest cryptocurrency, with a market cap of $68.5 billion as of the moment of writing, DOGE is highly volatile. However, many traders chose the meme token for short-term gains. A survey conducted by gamblerspick.com in mid-April revealed surprising results. 1 in 4 American traders chose DOGE as the main bet for the year.
All the factors listed above had a combined effect on Dogecoin. The token rose 47 percent from the lowest point on Thursday and was trading at $0.56 in the European session Friday, recovering from a recent setback.
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