It shouldn’t be a surprise to anyone that Dogecoin has a rocket strapped to its back and is literally heading towards the moon. Even those of you who are not overly familiar with the burgeoning cryptocurrency have likely heard about it in the news at some point. Dogecoin is simply a type of cryptocurrency that more or less started out as a joke as an alternaative to the ever popular Bitcoin. However, Dogecoin’s value has risen phenomenally this week– adding around $19.9 billion in the last 24 hours, and now valued at $34 billion.
Many people speculate that the reason the cryptocurrency has risen to such great heights is due to the fact that SpaceX CEO and Founder of Tesla, Elon Musk has promoted it consistently in social media. Musk regularly tweets about Dogecoin thus helping promote it to the masses. See below a few of the tweets he put out recently.
Earlier this year, Musk was asked by a Twitter user why he loved Dogecoin so much. His response was the following:
The very first tweet Musk made promoting Dogecoin was simply one word: ‘Doge. He then followed that up with a few more tweets, with in in particular saying Dogecoin was ‘on the actual moon.’ The phrase, ‘Going to the moon’, is renowned widely in the trading markets to predict a jump in stock pricing. He had also claimed thereafter that DogeCoin was the “people’s crypto.”
It seems like when it really comes down to it, Musk saw this as a funny thing that might be fun to promote a little. At the time, he probably didn’t realize the heights that the cryptocurrency would eventually surge to. However, as it continues to rise, Musk still actively promotes it. If Dogecoin ever gets nearly as big as Bitcoin, Musk may be responsible for helping generate a whole new generation of millionaires.
All because he likes dogs and memes.