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Dogecoin jumps 25% after Elon Musk’s tweet on the hot cryptocurrency | Currency News Financial and business news



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Dogecoin is a cryptocurrency based on a Doge meme that started seemingly as a joke

Elon Musk again tweeted about dogecoin, this time sending the meme-based currency 25% on Wednesday with a one-word tweet.

Tesla’s CEO and SpaceX boss tweeted at 8:00 a.m. ET in just one word: “Literally.”

Attached to the same tweet was a photo of Shiba Inu, famous for his meme, in a spacesuit planting a flag decorated with the word “WOW.”

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Ten minutes later, the billionaire wrote on Twitter: “On the actual moon.”

Dogecoin from 10:17 AM ET on Wednesday traded with 23.11% to $ 0.0581.

It’s not the first time Musk’s tweet has sparked a dogecoin rally on Wednesday, nor is it the second. The Internet coined the term “Musk Move” to capture the huge influence that the billionaire has on moving the prices of everything from bitcoin to GameStop to Etsy.

On February 19, he caused a new jump in the price of dogecoin after he tweeted to his 46 million followers that he had bought a little for his nine-month-old son. Dogecoin rose 16% after the tweet.

A few days earlier, Musk had encouraged large investors, also known as whales, to sell their shares, adding that he believed concentration among several holders was the only “real problem.”

Dogecoin, which started as a joke in 2013, was forced to become famous thanks to well-known supporters such as Musk, but also to rapper Snoop Dogg and member of Kiss Gene Simmons. In a short time, dogecoin has been moving around a market value of $ 10 billion, making it more valuable than many well-known companies.

Unlike bitcoins, there is an unlimited supply of dogecoin.




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