The CEO of Tesla just can’t quit tweeting about his most favorite cryptocurrency, which is now worth $0.18.
Elon Musk is tweeting about Dogecoin again. And now the price of DOGE is going up, again.
Late Wednesday evening, the Tesla CEO tweeted artwork of a dog and a moon captioned “Doge Barking at the Moon.” In crypto lingo, “moon” refers to a rapidly rising price.
The tweet came when Dogecoin reached a new all-time high of over 14 cents. Then, right after Musk’s tweet, Doge mellowed to a downright chilly $0.13 then immediately shot up this morning to around $0.18.
Dogecoin was created as a joke, but now it has a market cap of over $21 billion, more than coins EOS and TRON combined.
Among the top 10 coins by market cap, none of it has risen faster than Doge from the past year. If someone bought $1 worth of Doge by this time last year, it will now be worth around $85.
Musk has been infatuated with the token. He first began tweeting about it last April 2019.
“Dogecoin might be my fav cryptocurrency,” he replied to a tweet. “It’s pretty cool.”
While Musk is saying that his Dogecoin tweets are meant as “jokes,” they have been shown to move the market. A Blockchain Research Lab study found that a December tweet has helped push up the price by 8% in just five minutes.
Dogecoin was already doing fine even before Musk tweeted yesterday. Mark Cuban announced last Tuesday that his Dallas Mavericks basketball team will keep the Dogecoin it collects from merchandise sales.
“We will never sell 1 single DOGE ever,” Cuban tweeted to his eight million followers. “So keep buying.”
Dogecoin is now the world’s eighth-largest cryptocurrency by market capitalization.
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