Dogecoin (DOGE) prices surged but did non skyrocket later receiving another endorsement from Tesla CEO Elon Musk on Twitter on July one.

The billionaire entrepreneur published a tweet at around 8:43 am UTC — a Godfather-themed meme that shows Marlon Brando'south iconic graphic symbol, Don Vito Corleone, with the text "YOU COME TO ME AT RUNTIME TO TELL ME THE CODE YOU ARE RUNNING DOES NOT COMPILE."

Meanwhile, Musk captioned the tweet "Release the Doge!"

Seconds after the tweet was posted, the DOGE/USD exchange rate surged from $0.24 to $0.261 — near 8.42%. A sell-off followed suit, which took the pair as low as $0.247. Merely then, at ix:24 am UTC, Musk tweeted some other gibbering message that read "Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge."

DOGE/USD rose 5.22% to $0.260 afterward the 2d tweet.

DOGE price 1-minute candle nautical chart. Source: TradingView

In the next couple of hours, DOGE/USD attempted to repossess the intraday high of $0.261 on the Musk factor, but profit-takers kept offsetting their upside bias, every bit shown via the large minute-candle bullish wicks in the chart in a higher place.

Still, Dogecoin was nevertheless down by most 0.5% around 12:00 pm UTC, hinting that Musk's influence on the cryptocurrency market is in turn down.

Earlier this year, the Tesla CEO'southward whole-hearted endorsement of Dogecoin caused massive retail-led price spikes, so much and so that the cryptocurrency's market cap peaked at nigh $100 billion in early on May.

At the time, the DOGE/USD exchange rate surged to its record loftier of $0.76.

The pair is now worth half of its value two months ago, primarily due to a significant crypto market place correction that saw nigh all the peak-cap avails — including Bitcoin (BTC), Ether (ETH) and XRP — crash past more than than 50% as well. Altcoins such as Dogecoin typically trade in sync with Bitcoin.

Baby Doge booms, meanwhile

While Dogecoin logged cursory upside pumps, one of its copycat memecoins, Baby Doge Money (BABYDOGE), climbed sharply after Musk's 9:24 am UTC tweet.

Babe Doge Coin's price is besides depression to summate

Baby Doge Money was worth effectually $0.00000001 before Musk's tweet but surged by more than 35% later. Nonetheless, the memecoin's value remained too low for even CoinMarketCap to calculate. Its market cap was also zero as of the fourth dimension of publication.

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