On Sunday, Dogecoin rose over 10% from near-record lows after Elon Musk stated that he will continue to acquire the cryptocurrency.
After Musk tweeted, “I will keep backing Dogecoin,” the coin climbed approximately 8.5 percent in just 24 hours.
“Keep buying it then,” another user advised Musk, and he responded, “I am.”
Musk’s tweets drove the cryptocurrency to rise over 10% in an hour to $0.056, helping to compensate for the cryptocurrency’s steep depreciation over the previous month.
Bitcoin was selling at around $18,300 on Sunday, after falling below $20,000 on Saturday, according to Coingecko after a record 12-day losing streak. It had dropped as low as $17,600 at one point.
According to Coingecko, Ethereum dropped as low as $880 before rebounding to around $965.
The gains are a drop in the bucket compared to the losses cryptos have suffered this year, with Bitcoin down 70% and Ethereum down almost 75%. Dogecoin has lost two-thirds of its value.
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