As the entire cryptocurrency landscape was hit with a large sell-off, the price of the “joke” crypto Dogecoin also felt the impact and dropped from a peak of $0.06 to a low of $0.041 on Wednesday.
However, thanks to another “promotion” from the Tesla and SpaceX big boss, Elon Musk, the virtual token was able to bounce back almost instantly the following day.
Musk’s social media endorsement moved the market following a tweet declaring his support for the meme-based cryptocurrency Dogecoin (DOGE).
Musk this time sent DOGE soaring early Thursday with a one-word Twitter comment: “Literally.”
The crypto advanced 10% from the Musk tweet, rising from $0.05261 to $0.0583 at press time.
The billionaire shared a picture of the digital token’s official mascot as an attachment to his tweet, a Shiba Inu, landing on the moon. The billionaire tweeted “On the actual moon” as a follow-up 10 minutes later.
The term “to the moon” is often used by crypto advocates to describe a digital asset with a robust upward market trend or an intense belief that it will soon increase significantly in price.
Musk’s touting the potential of DOGE has been evident for all his nearly 48 million followers on Twitter of late, as his constant comments about the coin have been a persisting trend over the past month.
Dogecoin has been elevated to fame courtesy of other notable backers like rapper Snoop Dogg and Kiss bassist Gene Simmons, among other celebrities. For a short period of time, the crypto was cruising in the vicinity of a $10 billion market cap, making it more valuable than many big companies.
Musk’s affinity with Dogecoin has turned from simple jokes on Twitter to an entirely new business model over the last few months.
Investors are keeping a close tab, despite Dogecoin’s massive volatility. Whether the money will keep coming enough to have the altcoin land on the moon, however, is anybody’s guess.
Image courtesy of ZimoNitrome/YouTube Screenshot
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