The Return of Meme Crypto Dogecoin

Tesla Inc. co-founder Elon Musk after going off Twitter returns with a series of tweets about the joke cryptocurrency Dogecoin.

In his tweet Musk wrote, no highs, no lows, only doge. He also posted an edited picture of the monkey Rafiki holding up the cub Simba from the Disney movie The Lion King. In the meme picture, the monkey was photoshopped to be the billionaire himself holding the Dogecoin logo of  Shiba Inu in his hands.

In the past 24 hours, the digital asset, which was started as a joke in 2013, has risen to about 5 cents. This data was collected by CoinMarketCap.

This has been the highest level since last week, when prices briefly spiked after Musk tweeted a meme on Dogecoin. As readers would recall it was a picture of Dogue, a satire on fashion’s Vogue magazine, featuring a whippet in red sweater.

Musk has been highly engaged in the recent retail trading frenzy tweeting about specific companies and cryptocurrencies. His activity on the social media platform has helped send their prices soaring, Given he has 45.2 million followers on Twitter alone.

It’s worth observing that following his comments on Twitter shares in GameStop, Etsy, and CD Projekt jumped high, earlier this month.

It must be noted that earlier this week, Musk clarified that his comments on the Dogecoin were just meant as a joke. He also confirmed that he has been a bitcoin supporter. He said on a social audio app Clubhouse that he didn’t have a strong view on other cryptocurrencies. He even added that the most ironic outcome would be Dogecoin becoming the currency of Earth in the future.

On Tuesday, Musk wrote that he was going to be off Twitter for a while. On Thursday he returned with Dogecoin tweets along with pictures of space rockets. This was with reference to the meme that prices are going to the moon. SpaceX, during a failed landing attempt this week saw its test flight of a deep-space vehicle end in an explosive fireball.

After tweeting Doge, he then wrote, Dogecoin is the people’s crypto. This was followed by other posts such as sandstorm is a masterpiece. This might be a possible reference to the 1999 song by Darude.

A move that came as a surprise was his removal of the reference to Bitcoin from his Twitter bio page.

Dogecoin is riding a wave of newfound popularity this year after suffering in relative internet obscurity. Prices that were less than 1 penny in late January have considerably increased after being promoted by Musk, and internet influencers alike.

It is worth noting that Dogecoin’s market value now sits at almost $7billion. This makes it the 12th biggest among cryptocurrencies, according to CoinMarketCap.

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