Dogecoin (DOGE)— a shiba inu meme-inspired cryptocurrency that was started as a joke in 2013 — rallied as much as 16% after the tweet, surging from $0.069 to $0.08, Wednesday.
“Bought some Dogecoin for lil X, so he can be a toddler hodler,” Musk — who used a deliberately misspelled slang term for someone who holds digital currency instead of selling — said in the tweet as quoted by Insider.
The SpaceX owner and Tesla CEO said his son’s name is pronounced “X Ash A 12.” The X is simply pronounced “X” and the A-12 is just “A 12,” with the last two syllables in recognition of Lockheed Martin’s A-12 aircraft.
Based on data by CoinMarketCap.com, Dogecoin is the world’s No. 12 electronic currency as of Thursday, priced at $0.07314 and with a market cap of $9,385,387,222.
The token ushered in 2021 at about $0.005 but has since ballooned to more than 1,400% to hit $0.0758, Thursday.
The difference between Bitcoin and Dogecoin is that the latter has no limit on the total supply of coins, whereas Bitcoin has a fixed supply of around 21 million coins, of which not all have been mined yet. Dogecoin has more than 100 billion coins outstanding, with 5 billion new coins being added to the inventory each year.
Musk’s fondness for cryptocurrencies has made headlines this week, given Tesla’s announcement that it bought $1.5 billion worth of Bitcoin last month. The disclosure pushed the price of the crypto to rise more than 20% in the market.
Musk did not say how much Dogecoin he acquired for his son, whose mother, Grimes, is an electronic musician. Musk also did not reveal whether he has bought any of the token himself.
Image courtesy of Investing Daily/YouTube
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