Looks like Tesla’s CEO, Elon Musk, has returned to his favorite past-time of tweeting about the joke crypto that is the Dogecoin.
Earlier this month to Musk had tweeted about this cryptocurrency which had it surging. He had even shared memes of the crypto on his Twitter.
Now that Elon Musk has returned to showering his affection for the digital asset, it went up 25% on Wednesday. This time it was a single-word tweet alongside an illustration of Shiba Inu in a spacesuit holding a flag inscribed with WOW. The one word he had tweeted was “Literally”.
This tweet was followed by another tweet; on the actual moon, just a few minutes after.
Not sure whether it was because of these tweets, but the Dogecoin surely started trading higher by almost 23.11%, reaching to $0.0581.
A tweet from Musk sparking a rally in dogecoin is nothing new. It is not the first time, nor is it the second. On various occasions, one tweet from the billionaire has positively or negatively affected the crypto market. This shows that Musk has substantial influence on the digital market, whether it be a cryptocurrency, a gaming platform or an e-commerce website. The internet, therefore, has invented the term Musk Move for the impact it has on the digital space.
In the past he has influenced the prices of (to name a few)Bitcoin, Etsy and Gamestop, to move up. Musk has always been a vocal supporter of Gamestop and one word from him, Gamestonk was followed by shares closing at 92%.
With a simple hashtag, he caused Bitcoin to spike. He added #bitcoin to his Twitter profile, and in late January this year the digital asset sky-rocketed to $38,406. Similarly, Dogecoin in the first week of this month climbed as much as 59% in moments after Musk’s tweet. The following week, he prompted another jump in the price of the meme-currency. Dogecoin increase by 16% after he tweeted that he had bought some of the digital assets from his 9 months old son.
Back in 2013, Dogecoin started as a joke but has now been in news for quite some time, garnering all the attention. Dogecoin’s claim to fame are famous personalities such as Musk, rapper Snoop Dogg and Gene Simmons, a member of the band, Kiss. Snoop Dogg and Gene Simons both had declared on Twitter that they were a fan of the Doge, taking its price up.
For a short span of time, dogecoin also loomed around a $10 billion market valuation.
Unlike Bitcoin, Dogecoin has an unlimited supply because it is only now that it has started getting popularity.
The crypto market has started getting acceptance from conventional businesses, financial services and investment companies, alike. The credit of the worldwide acceptance of these digital asset goes to the likes of Musk, other celebrities, and social media influencers.