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

Dogecoin is a cryptocurrency based on the Doge meme, which apparently started as a joke

Elon Musk is tweeting about dogecoin again, this time sending the meme-based coin up to 25% on Wednesday with a single word. cheep.

The CEO of Tesla and the head of SpaceX launched a tweet at 8:00 am ET with just one word: “Literally.”

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

In a follow-up 10 minutes later, the billionaire tweeted: “On the real moon”.

Dogecoin at 10:17 am ET on Wednesday is trading up 23.11% at $ 0.0581.

Wednesday is not the first time a tweet from Musk triggered a rally in dogecoin, nor is it the second. The internet has coined the term “Musk Move” to capture the enormous influence the billionaire has in moving the prices of everything from bitcoin to GameStop to Etsy.

On February 19, it triggered another jump in the price of dogecoin after he tweeted to his 46 million followers that he bought some for his nine-month-old son. Dogecoin rose as much as 16% after the tweet.

A few days before that, Musk encouraged major investors, also known as whales, to sell their shares, adding that he believes concentration among a few holders is the only “real problem.”

Dogecoin, which started as a joke in 2013, has risen to fame thanks to well-known backers like Musk, but also rapper Snoop Dogg and Kiss member Gene Simmons. For a short time, dogecoin hovered around a market valuation of $ 10 billion, making it more valuable to numerous well-known companies.

Unlike bitcoin, there is an unlimited supply of dogecoin.

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