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Dogecoin Price Rises As Elon Musk Goes On Twitter Spree In Support

by : Niamh Shackleton on : 04 Feb 2021 09:00
satoshistreetbets/Reddit/elonmusk/Twitter

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.

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In the midst of last month’s GameStop chaos, Musk simply tweeted ‘Gamestonk!!’ along with a link to Reddit’s wallstreetbets thread.

Following Reddit users on the SatoshiStreetBets thread calling for the volatile Dogecoin cryptocurrency to hit a value of $1 per coin, it has surged an impressive 140%.

People in the thread also called on Musk to help them out – and the tech mogul answered.

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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 IndependentThe tweets have already been liked thousands of times.

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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.

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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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Niamh Shackleton

Niamh Shackleton is a pint sized person and journalist at UNILAD. After studying Multimedia Journalism at the University of Salford, she did a year at Caters News Agency as a features writer in Birmingham before deciding that Manchester is (arguably) one of the best places in the world, and therefore moved back up north. She's also UNILAD's unofficial crazy animal lady.

Topics: Celebrity, Dogecoin, Elon Musk, GameStop, Now, Twitter

Credits

Independent and 1 other
  1. Independent

    ELON MUSK BREAKS TWITTER SILENCE WITH TWEETS PRAISING CRYPTOCURRENCY DOGECOIN

  2. Newsweek

    Elon Musk Says Dogecoin Tweets Are Jokes, He Is a 'Supporter' of Bitcoin