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Dogecoin Sky Rockets In Value After Elon Musk Says He’s Bought Some For ‘Lil X’

by : Emily Brown on : 10 Feb 2021 15:48
Dogecoin Sky Rockets In Value After Elon Musk Says He's Bought Some For 'Lil X'PA Images

Elon Musk has wasted no time in getting his child into the Dogecoin stocks game, and as a result the value of the cryptocurrency skyrocketed. 

Odd and unexpected stock market investments have seemingly been all the rage since Reddit users shorted Wall Street and hedge funds last month, and after Gamestop investments proved successful many of the social media users turned their attention to Dogecoin.

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Stock prices on the cryptocurrency, which is based on the popular ‘doge’ meme, surged by 140% towards the end of January, and continued to rise earlier this month after Musk expressed his support. 

Elon MuskPA Images

Now, the SpaceX CEO has revealed he’s got his baby in on the game, writing on Twitter: ‘Bought some Dogecoin for lil X, so he can be a toddler hodler.’

‘Lil X’ is Musk and mum Grimes’ nickname for their baby X Æ A-12, whose arrival was announced last May.

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Now, considering I’m 24 years old and find the stock market almost completely incomprehensible, I think it’s safe to say that the less-than-one-year-old won’t have a clue about what it means to own some Dogecoin.

Still, if the investment pays off, they’re likely to be very grateful in the future. After making the announcement, the value of Dogecoin started rapidly increasing, according to Binance.

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Musk said X Æ A-12 could be a ‘toddler hodler’ thanks to his purchase, referring to someone who holds their stocks.

While this looks like a typo on Musk’s part, the term actually comes from early bitcoin forums in which someone posted a message with the word ‘hold’ misspelled.

Readers interpreted the mistake as an acronym for ‘hold on for dear life’, and Peter Saddington, a serial entrepreneur and early bitcoin investor, explained that the term has now become a ‘meme of sorts’, saying: ‘When the prices are highly volatile, bitcoin buyers say ‘HODL!’’

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Musk’s tweet suggests that he’s not going to be making any decisions any time soon about whether to sell his child’s Dogecoin stocks on his behalf, presumably in an effort to make as much money as possible from the investment.

Like X Æ A-12 will apparently be, Saddington too describes himself as ‘a long-term HODLER’, CNBC reports.

Stock prices in Dogecoin surged by 75% just minutes after Musk first showed his support for it, writing on Twitter: ‘No highs, no lows, only Doge. Dogecoin is the people’s crypto. No need to be a gigachad to own.’

His praise was supported by a Lion King meme, which showed his own face plastered onto Rafiki while the face of the famous ‘doge’ meme was superimposed onto Simba.

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Emily Brown

Emily Brown first began delivering important news stories aged just 13, when she launched her career with a paper round. She graduated with a BA Hons in English Language in the Media from Lancaster University, and went on to become a freelance writer and blogger. Emily contributed to The Sunday Times Travel Magazine and Student Problems before becoming a journalist at UNILAD, where she works on breaking news as well as longer form features.

Topics: Celebrity, cryptocurrency, Dogecoin, Elon Musk, Now, stocks

Credits

Elon Musk/Twitter and 2 others
  1. Elon Musk/Twitter

    @elonmusk

  2. CNBC

    ‘HODL,’ ‘whale’ and 5 other cryptocurrency slang terms explained

  3. Binance

    Dogecoin