Pumped by Elon Musk, Dogecoin gains amid slow market recovery

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Dogecoin and Shiba Inu have been staging a strong comeback since Elon Musk came out on Sunday supporting the former.

See related article: Has ‘Crypto Winter’ arrived with Bitcoin, Ether prices falling?

Fast facts

  • Dogecoin rose more than 15% in morning trade on Wednesday in Asia, according to CoinMarketCap data.

  • The memecoin rose to a 24-hour high of US$0.06932 before paring early gains to trade up 5.4% at US$0.06327.

  • Memecoin Shiba Inu was up more than 20% at US$0.000009805 in early trade on Wednesday. It was last up 3.6% at US$0.02855.

  • “I will keep supporting Dogecoin,” Elon Musk, a longtime supporter of the memecoin, said on his verified Twitter handle on Sunday.

  • Musk’s tweet came after a complaint seeking a class action lawsuit was filed against the CEO of Tesla and SpaceX, alleging manipulation in the price of Dogecoin.

  • Bitcoin was trading mostly unchanged at US$20,463.70, with Ethereum down 1.6% at US$1,103.41 at the time of publishing.

  • The total cryptocurrency market cap remains under the US$1 trillion mark and was last trading at around US$902.54 billion at the time of publishing.

See related article: What causes crypto market volatility?