Elon Musk published a series of tweets about the cryptocurrency Dogecoin, after which its rate rose from $0.040 to $0.059, and within a week – by more than 300%.
Last week, the Tesla founder posted the word "bitcoin" in his Twitter profile description, causing bitcoin to jump to $37,000. Now Musk deleted the mention of bitcoin, and began posting tweets related to Dogecoin. First, the Tesla CEO tweeted "Doge," and a few minutes later he added a few more sentences: "Dogecoin is the people's cryptocurrency," then "No ups and downs, just Doge." Such statements by Musk caused Dogecoin's price to rise within minutes. At the time of publication, the coin is trading around $0.052.
Musk said he sometimes jokes about Dogecoin, which was created as a "joke" cryptocurrency. He recently wrote that "fate loves irony, so it will be pretty interesting if Dogecoin becomes used all over the planet in the future. Musk believes that bitcoin is already on the verge of widespread adoption in the financial sphere. A few days ago Musk called himself a supporter of the first cryptocurrency, regretting that he didn't buy bitcoin as soon as he found out about it. Today, bitcoin's market capitalization exceeds $700 billion, and its rate continues to hover around $37,500.
This isn't the first time Elon Musk has expressed sympathy for Dogecoin. In December, he, too, tweeted just one word "Doge" as the coin's price jumped 20% to $0.0047.