Dogecoin Elevates 20% After Elon Musk Tweeted About It

Dogecoin elevates 20% after Elon Musk tweeted about it on Twitter as we can see in the charts below in our Dogecoin news.

Earlier today, Elon Musk wrote on Twitter to his 40 million followers “One Word: Doge.” Right after that, we can see Dogecoin elevates 20% to $0.0047 which is the highest mark since July. At press time, some of the gains were retraced with the coin trading hands at $0.0045 on Binance. Musk also tweeted a few other tweets about BTC. The meme-based crypto-asset made headlines in July right after TikTok users started a campaign that is dedicated to push the price above 1 DOGE or $1.

One word: Doge

— Elon Musk (@elonmusk) December 20, 2020

Tweeting about Doge is not something new for Musk with the billionaire investor calling it his favorite cryptocurrency in the past, in addition to including the label “CEO of Dogecoin’ shortly in his Twitter bio. Musk’s account describes him as the former CEO of Dogecoin. According to the latest charts, the price of the coin reached a total market cap of $588 million.

Speaking od Dogecoin, Dogecoin’s use cases evolved over time as the coin was initially created as a joke in 2014, then became one of the most desired cryptocurrencies in 2015, it also became Elon Musk’s favorite in 2018 and as of latest, a TikTok sensation. Things however took a darker turn as the hackers started utilizing it to control crypto mining botnets according to the report by the security firm Intezer Labs. Intezer Labs, a New York-based malware analysis company found out that hackers started using the infamous “Doki” backdoor which was using Dogecoin wallets to mask their online presence. The company said they were analyzing Doki, the Trojan Virus since 2020 but they recently discovered its use in installing crypto-mining malware later. The hacker under the name NGrok uncovered a new method to use Dogecoin wallets for infiltrating the web servers according to the company. The usage is a first of its kind which was initially used for funnier purposes.

Also, Hackers start using Dogecoin to maintain a crypto-mining botnet as the attackers are accessing APIs with DOGE wallets to hide their location and the attacks are still ongoing. The Meme coin Dogecoin is being used by hackers to control XMR-mining malware on Linux operating systems according to the Intenzer Labs reports.