The cryptocurrency surged 44% moments after Musk’s initial four-letter tweet.
Dogecoin, a cryptocurrency known equally for volatility and memes, has surged after a series of tweets from Tesla TSLA, +0.26% CEO Elon Musk and billionaire investor Mark Cuban.
After Musk’s initial tweet of “Doge,” Dogecoin surged 44%. He then proceeded to tweet several more times about Dogecoin, at one point labeling it “the people’s crypto.”
Musk seems to have broken his Twitter TWTR, +0.48% fast after just a few days to tweet about Dogecoin, a crypto that was started as a joke between two engineers in 2013.
Similar to bitcoin, Dogecoin is a peer-to-peer, open-source cryptocurrency. It trades under the ticker symbol “DOGE” and features the face of the shiba inu from the popular Doge meme as its logo, which Musk also tweeted out.
It’s unclear whether Musk owns any Dogecoin, or why he is tweeting about the cryptocurrency. Musk has tweeted about Dogecoin in the past and recently noted that the cryptocurrency was “made as a joke.”
Dogecoin has reached cult status on Twitter and Reddit over the years, with many creating memes with the Doge face, and it’s been trending on Twitter in recent weeks. It hit an all-time high of $0.082 in January, according to CoinDesk.
Mark Cuban also tweeted about Dogecoin, but in less glowing terms than Musk, saying it was a wiser purchase than a lottery ticket, if nothing else.
Dogecoin has surged 659% this year, according to CoinDesk data.
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