An Elon Musk Tweet Sends Dogecoin Surging, Filecoin Skyrockets

News • 2021/04/01 • by

Though bitcoin values have been consolidating well below the $60,000 mark, a range of other alternative financial assets have seen significant gains.

On Thursday, April 1, 2021, also known as "April Fool's Day," the famous cryptocurrency dogecoin (DOGE) increased by more than 12% in the previous 24 hours. The price increase occurred shortly after a tweet by Tesla executive Elon Musk.

Major Signals

Dogecoin saw a brief slump in March, then performed admirably in the first two months of the year.

Since last week, the DOGE has gained 19% against the US dollar and 973 percent in the last three months.

On Wednesday, dogecoin was trading at $0.058 per coin.

Meanwhile, filecoin (FIL) has lately been competing with litecoin (LTC). FIL is now selling at $205 a coin, up more than 12% on Wednesday. FIL has a market value of about $11.9 billion, and it has increased by 151 percent in the last seven days.

According to bybt.com, some of the activity has come from inflows through Grayscale Investments‘ Filecoin Confidence, although demand on spot exchanges has also improved. On Wednesday, data from global crypto exchanges showed that filecoin (FIL) trading value was about $4.66 billion.

Aside from dogecoin and filecoin, binance coin (BNB) and chainlink (LINK) have both seen significant gains in the last day. Aside from FIL and DOGE, the two currencies are leading the way in terms of 24-hour gains. BNB's value increased by 4.6 percent in the morning, while LINK's value increased by 6.9 percent on Wednesday.

On Wednesday, the top gainers included medibloc (MED +75%), armor (ARMOR +73%), and verasity (VRA +71%). Today's losers with the highest percentage declines included coins such as bumo (BU -66%), kimchi.finance (KIMCHI -46%), and cybereits (CRE), which is down slightly more than 40% today.