Yuriko Nakao / Getty Images
Elon Musk tweets again about dogecoin, this time sending the meme-based currency up 25% on Wednesday with a single word tweet
The Tesla CEO and SpaceX chief fired a tweet at 8:00 a.m. ET with just one word: “Literally.”
The same tweet included a photo of the meme-famous Shiba Inu in a spacesuit planting a flag with the word “WOW” on it.
In a follow-up 10 minutes later, the billionaire tweetedTo: “On the real moon.”
Dogecoin is trading higher 23.11% to $ 0.0581 from 10:17 AM ET on Wednesday.
Wednesday isn’t the first time a tweet from Musk sparked a rally in dogecoin, nor is it the second. The internet coined the term “Musk Move” to capture the billionaire’s extraordinary influence in moving the prices of everything from bitcoin to GameStop to Etsy.
On February 19, he then caused another jump in the price of dogecoin he tweeted to his 46 million followers that he bought some for his nine-month-old son. Dogecoin rose a whopping 16% after the tweet.
A few days earlier, Musk encouraged big investors, known as whales, to sell their shares, adding that he believes the only “real problem” is concentration among a few holders.
Started as a joke in 2013, Dogecoin has become famous thanks to well-known donors like Musk, as well as rapper Snoop Dogg and Kiss member Gene Simmons. For a short time, dogecoin hovered around a market value of $ 10 billion, making it more valuable to numerous well-known companies.
Unlike bitcoin, there is an unlimited supply of dogecoin.