Dogecoin jumps 25% after another word from Musk

Musk Dogecoin

Red hot. A tweet from Elon Musk sent Dogecoin price soaring on Wednesday. And interestingly, the world’s richest man turned out to be a man of few words in this new communication.

He tweeted just one word, “Literally”. Then 10 minutes later, followed up with another tweet, “On the actual moon”. The Tesla and SpaceX CEO attached a photo of the meme famous Shiba Inu in a space suit, and this was all that was needed to send the coin skyrocketing.

Within moments, Dogecoin was trading higher by 23.11% to $0.0581.

This, of course, is not the first time that Musk has hyped up dogecoin, nor the second. In fact, the internet has termed a name for this outsize influence the billionaire has in moving prices of everything from Bitcoin to GameStop.

It’s called the “Musk Move”.

His tweets to some 46 million followers are enough to stir up the market. Add to it the fact that he has bought some dogecoins for his 9-month-old son, and we know that there is some strong wind behind this meme coin.

Dogecoins started as a joke in 2013, but has risen to fame in the past couple of years, buoyed by attention from backers like Elon Musk, rapper Snoop Dogg, and Kiss member Gene Simmons.

Good thing, then that there is an unlimited supply of dogecoin, unlike bitcoins.

To the moon, then!

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