Elon Musk’s Twitter rally on the meme coin leads to a 37% price surge as US netizens tweet #ThanksElon
Tesla and SpaceX CEO Elon Musk posted a series of Dogecoin-based tweets earlier today leading to a 37% surge in the meme coin’s price within minutes. In one of the Tweets, Musk called Doge “the people’s crypto” while in a separate tweet, the world’s richest man said “No highs, no lows, only Doge“. Dogecoin, post the price rise, is currently trading at around $0.05.
Created by Jackson Palmer and Billy Markus in 2013, Dogecoin emerged as a joke meant to ridicule the growth of altcoins by making the doge internet meme into a cryptocurrency. Despite its origin, the coin’s large supply and low price led to its usage in micro-tipping content on social media. Further, since there was no cap to the supply of coins, Dogecoin can inflate infinitely, it is currently the 12th most valuable cryptocurrency by market cap, according to CoinMarketCap
The meme coin recently resurfaced after it was one of the assets internet users invested in after Reddit forum r/WallStreetBets coordinated the attack on the hedge fund that had effectively bet on GameStop’s share price falling. Elon Musk’s Twitter rally helped fuel the cryptocurrency’s bull run as it added to the existing hype surrounding Dogecoin.
“Doge,” Musk added in a tweet with a later tweet reading “Ur welcome,” accompanied by a doctored image of the Dogecoin shiba inu mascot as Simba in the Disney film, “The Lion King.” The price of the coin surged from $0.04 to around $0.058, almost reaching all-time highs. Netizens in the United States tweeted with #ThanksElon, leading the hashtag to trend in the country.
However, this isn’t the first time Musk has spoken about the meme coin. In an interview earlier this week with Clubhouse, the CEO stated that he occasionally made jokes about Dogecoin.
“They are really just meant to be jokes, but you know Dogecoin was made as a joke to make fun of cryptocurrencies obviously, but fate loves irony and often as a friend of mine says that the most ironic outcome or I’d say the most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the currency of earth in the future,” he said at the time.
In the same interview, Musk gave sparkling endorsements to Bitcoin. He said, “I think bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people.” However, at the time of writing this, Musk seems to have removed the recently-added ‘bitcoin’ from his Twitter bio in an anti-climactic end for the incident that had caused the world’s largest cryptocurrency to spike just days ago.