DOGE Coin Spikes After Elon Musk Tweets To “Keep Supporting”

Native tokens of Dogecoin (DOGE) and Synthetix (SNX) saw volatile trading over the weekend even as the broader crypto market fell and then staged a brief recovery on Monday.

On Sunday, DOGE coin jumped from 5 cents to 5.8 cents after Elon Musk tweeted, “I will keep supporting Dogecoin.”

One user replied to his tweet, saying, “keep buying it then.” To which Musk responded, “I am.”

Doge went even higher to 6.3 cents on Monday but has since dropped to 5.7 after investors took profits.

Musk’s company, Tesla, now accepts Doge as payment and says they are “working with Dogecoin developers” to improve the method.

Synthetix’s SNX token also spiked 85% this weekend. The Ethereum-based asset has seen over $200 million in trades in the past 24 hours alone.

While DOGE and SNX have spiked, they also accumulated $11 million in losses after investors liquidated their positions due to the volatility.

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