Musk Tweets Again and Dogecoin – a Bitcoin Rival – Skyrockets

Mandatory Credit: Photo by Paul Hennessy/SOPA Images/Shutterstock (10664640n)SpaceX founder Elon Musk looks on after being recognized by U.
Paul Hennessy/SOPA Images/Shutterstock / Paul Hennessy/SOPA Images/Shutterstock

Tesla CEO Elon Musk, who proclaimed he would be “off Twitter for a while” two days ago, tweeted about dogecoin earlier today, sending the cryptocurrency to spike 46% midday.

See: One Hashtag from Elon Musk Makes Bitcoin Spike in Minutes
Find: Why Some Money Experts Believe In Bitcoin and Others Don’t

“Doge,” was the first in a series of tweets, followed by “Dogecoin is the people’s crypto,” “no highs, no lows, just doge,” and, in a Lion King reference, a “ur welcome” tweet accompanied by a meme of him holding the Dogecoin mascot.

Just last week, Musk added the hashtag #bitcoin to his Twitter bio, prompting the cryptocurrency’s value to jump 18% to $38,500 that day.

In an audio chat on the phone app Clubhouse earlier this week, Musk said that he should have invested in Bitcoin eight years ago. “I might be late to the party,” he said.

See: Tesla CEO Elon Musk Loses Billions, Touts Etsy and GameStop, Lands Rockets
Find: 9 Investing Bubbles That Will Make You Rethink Bitcoin

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In terms of Dogecoin, he said that “fate loves irony” and the most ironic outcome for the cryptocurrency, which was started as a joke, would be if it “becomes the currency of Earth in the future.”

According to the Coinbase website, Dogecoin was created as a joke — its name is a reference to a popular internet meme. “It shares many features with Litecoin. However, unlike Litecoin, there is no hard cap on the number of dogecoins that can be produced.”

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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