Cryptocurrency

Dogecoin up 32% after Elon Musk says he’s going to put the crypto on ‘the literal moon’

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Dogecoin (DOGE) shot up 32% higher after Tesla chief executive officer Elon Musk said on Twitter that his company, SpaceX, is going to put “a literal dogecoin on the literal moon.”

Musk’s tweet didn’t elaborate on how the seemingly impossible feat would be accomplished, as, by definition, cryptocurrencies have no physical structures. Interestingly enough, the billionaire’s tweet was made on April Fool’s Day, so go figure.

Musk, a long-time advocate of dogecoin, has played a major role in the bitcoin (BTC) price bull run this year after his electric car company invested $1.5 billion in bitcoin to its balance sheet.

Musk tweets have an effect

April Fool’s prank or not, Musk DOGE tweet sent the crypto inching up from around $0.053 to $0.070, figures by data provider CoinGecko show.

Musk has previously called dogecoin “the people’s crypto” and “Mars’ cryptocurrency.”

Dogecoin’s 32% rally took the digital token to the level it last touched on Feb. 13 and marked the end of week-long inactivity in the range of $0.050-$0.055. DOGE’s market capitalization is currently at more than $8 billion.

Sending a representation of a dogecoin digital asset into space or even equipment that powers a dogecoin network operating system shouldn’t be impossible for Musk, who is well-known to have a talent for headline-catching stunts.

Not really serious about it

However, Musk has previously disclosed that all of his dogecoin-related Twitter comments are not intended to be taken at face value. “Occasionally I make jokes about dogecoin, but they’re really meant to be jokes,” he said last month.

Although some doubted whether Musk wasn’t that serious in light of it being April Fools’ Day and his tendency to make outrageous remarks, others, including CNBC space reporter Michael Sheetz, suggested the CEO could very well be telling the truth.

The self-proclaimed “Techno King of Tesla,” the 49-year old Musk also warned of excessive concentration in the cryptocurrency in February, sparking a price plunge.

 

Image courtesy of ZimoNitrome/YouTube Screenshot

Christian Encila

Published by
Christian Encila

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