504 Interactions, 2 today
As Tesla CEO Elon Musk added Bitcoin to his Twitter profile, the crypto asset’s value skyrocketed. Today, Musk reaffirmed his support for Dogecoin [DOGE], and a similar trend was observed.
“SpaceX is going to put a literal Dogecoin on the literal moon.” said Musk in a tweet.
The tweet sparked a flurry of trading activity on Dogecoin, which quickly pumped in a matter of minutes. It pushed from $0.0540 to $0.066, overcoming some local resistances.
However, in the past, only one word of encouragement from Elon Musk has resulted in a significant increase in retail interest in markets. For eg, in his previous tweet about the selling of Dogecoin on February 15, the value of DOGE plummeted by nearly 26 percent, from $0.0639 to $0.0471. He’d stated:
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.I will literally pay actual $ if they just void their accounts.”
Musk’s tweet was one of several Dogecoin-related snippets he has released in the last year. He once named it the “future currency of the World,” and claimed to have amassed a cache for his nine-month-old son.
Another thing to keep in mind is that it is April Fools’ Day. As a result, this tweet may also be a joke—hence the use of the word “literal” in the tweet. This isn’t the first time Musk has mentioned putting money on the moon. He tweeted a meme of a Shibu Inu in a spacesuit on the moon raising a dogecoin flag in late February.