Thanks to Tesla founder Elon Musk, the Cryptocurrency known as dogecoin (DOGE-USD) took a major leap this week.
But the most interesting thing about it was the cryptic content of Musk’s tweets. The first tweet he sent had just one word: “Doge”. He then tweeted the phrase, “Dogecoin is the people’s crypto”. Not long after he posted a third tweet reading, “No highs, no lows, only Doge.”
Finally, to round out his series of merciless promotions, he posted a picture of himself holding up the dogecoin mascot dog, a la Simba from Disney’s The Lion King.
Due to these sporadic tweets, dogecoin rocketed quickly on Thursday morning, from 45% against the dollar to $0.0484 in a matter of moments.
Markets.com chief analyst Neil Wilson reflected on Musk’s ability to impact the financial market, saying: “Anything Musk tweets about shoots higher because he has such a strong following both on social media and as a businessman. People will literally invest in him and his ideas, and don’t care what the fundamentals are.”
This wasn’t the first time that Musk tweeted about dogecoin, doing so back in December. When that happened, he helped its numbers spike just as strongly. That being said, Musk recently said that his tweets about the Cryptocurrency were “just meant to be jokes”.
