Dogecoin Price Rises As Elon Musk Goes On Twitter Spree In Support
Redditors have been on quite the mission recently and have not only helped GameStop stock prices soar, but the value of dogecoin too.
Helping them along the way has been Tesla and SpaceX founder Elon Musk, whose tweets aided in sending the 37-year-old games company’s stock prices skyrocketing.
In the midst of last month’s GameStop chaos, Musk simply tweeted ‘Gamestonk!!’ along with a link to Reddit’s wallstreetbets thread.
People in the thread also called on Musk to help them out – and the tech mogul answered.
In a spree of tweets, the 49-year-old wrote, ‘No highs, no lows, only Doge. Dogecoin is the people’s crypto. No need to be a gigachad to own.’
He then shared a Lion King meme of his face on Rafiki while holding up Simba, who has the face of the dog from the famous ‘doge’ meme.
Despite having only posted the tweets a matter of minutes ago at the time of writing, the price of the dogecoin has already surged 75%, reported the Independent. The tweets have already been liked thousands of times.
According to MarketWatch, prior to Musk’s tweets this morning, February 4, dogecoin had already surged 659% this year.
Musk appears to have been a long-time supporter of dogecoin and branded the cryptocurrency’s success as ‘inevitable’.
While describing dogecoin as ‘a joke to make fun of cryptocurrencies’, he said, as per Newsweek, that ‘the most entertaining outcome and the most ironic outcome would be dogecoin becomes the currency of Earth in the future’.
The Tesla CEO’s tweets today come after he said he was going to be off Twitter ‘for a while’. Having said only this on Tuesday, February 2, he’s only lasted a couple of days off the popular social media platform.
Before the supposed break from Twitter, Musk used his evident social media power to surge bitcoin’s value as well.
After simply adding ‘#bitcoin’ to his bio, bitcoin’s value soared from around $32,000 (£23,500) to above $37,000 (£27,000). The cryptocurrency gained roughly 15.7% in less than 15 minutes, similar to that of this morning’s dogecoin success.
Who knows what Redditors and Musk will target next?
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