‘Ur welcome’ — DOGE soars after Elon Musk returns to Twitter… to shill Dogecoin

Meme-based cryptocurrency Dogecoin (DOGE) gained 25% in minutes on Feb. 4 after a fresh endorsement from the world’s richest man. 

DOGE/USD 1-minute candle chart (Bittrex). Source: TradingView

DOGE in new “Elon pump”

Data from Cointelegraph Markets and TradingView showed DOGE/USD rebound past $0.05 per token on Thursday, edging towards new all-time highs.

Musk, who is known for name dropping Dogecoin and Bitcoin on Twitter but just days ago said that he was taking a break “for a while,” returned to post a picture of a rocket and the moon.

“Doge,” he added in a subsequent comment, with later tweet reading “Ur welcome,” accompanied by a doctored image of the Dogecoin shiba inu mascot as Simba in the Disney film, “The Lion King.”

Immediately afterwards, Dogecoin leapt from $0.04 to local highs of $0.058, while trade volume also surged by over 100% compared to Wednesday.

The hashtag #ThanksElon also began to trend in the United States.

Bitcoin eyes $40,000 resistance

As Cointelegraph reported, Musk had already helped fuel a Dogecoin bull run by adding to existing hype created by infamous Reddit group, r/Wallstreetbets.