If the last month has demonstrated anything, it’s that the world’s wealthiest man, Elon Musk, can move markets with a single tweet. Musk did this once again early Thursday, February 4, when he caused the price of dogecoin to shoot up to a daily high.
At at 2:29 AM, the SpaceX CEO tweeted out a caption-less image of a rocket shooting up toward the moon. This image, of course, a literal representation of the often used language denoting cryptocurrency prices skyrocketing. A few minutes after his initial tweet, Musk followed up with another one with a single word: “Doge.”
Doge— Elon Musk (@elonmusk) February 4, 2021
The price of dogecoin went up almost immediately. Doge was hovering around 4 cents, then peaked at just under 6 cents half an hour later.
This isn’t the first time Musk has shown his support for the cryptocurrency. During December of last year, Musk tweeted, “One word: Doge,” resulting in a 20% spike in the price of the much-loved coin that originally started out as a joke. Musk has tweeted about doge on other occasions. Those previous tweets have had a similar effect on the price as well.
During the peak of last week’s meme stock frenzy, dogecoin reached it’s all-time high of around $0.082, a nearly 800% increase. Seeing the momentum behind doge on social media and knowing Elon Musk’s influence on the price, many doge lovers have taken to asking Elon Musk to tweet about the cryptocurrency. Musk clearly saw the tweets, and is also very aware of his impact.
After the pump, Musk tweeted this out.
ur welcome pic.twitter.com/e2KF57KLxb— Elon Musk (@elonmusk) February 4, 2021
I’m not entirely sure if we should be afraid of how much power one man has, and the fact that he knows this, but dogecoin holders are undoubtedly grateful. At the time of writing, “Thanks Elon” is a top trend on Twitter. The price of dogecoin has dipped down to $0.045, but we’ll have to keep an eye out on how the price moves during the day. Please remember to be cautious when trading doge, as it is a speculative asset. This is not investment advice.