Dogecoin, which is based on a popular internet meme, jumped
67.99% to $0.054496, according to data on blockchain and cryptocurrency website
Coindesk.
Musk first tweeted "Doge" after a picture of a
rocket going to the moon. He then tweeted "Dogecoin is the people's
crypto".
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
The Tesla chief also posted an edited image of himself with
the Shiba Inu dog at the centre of the doge meme, also the logo for the
cryptocurrency.
Musk, who has 45.2 million followers on Twitter, has been
highly engaged in the recent retail trading frenzy, tweeting about specific
companies and cryptocurrencies and helping send their prices soaring.
Shares in GameStop, Etsy and CD Projekt have jumped
following comments about them on his Twitter account. Some of these stocks had
been heavily shorted.
"I am become meme, Destroyer of shorts," Musk
tweeted.
I am become meme,
— Elon Musk (@elonmusk) February 4, 2021
Destroyer of shorts
Last Friday he added "#bitcoin" to his Twitter
bio, sending the largest cryptocurrency flying. He has since taken the tag off.
Dogecoin was created largely as a satirical critique of the
2013 crypto frenzy, but can still be bought and sold on digital currency
exchanges.
It regularly makes a comeback during viral crypto rallies,
with individuals promoting it on social media. Last week it soared after Carole
Baskin, one of the stars of Netflix Inc's "Tiger King" talked about
it in a video online.
Meanwhile, cryptocurrency ethereum is also on a
record-setting spree as investors buy it before the launch of ethereum futures
on the Chicago Mercantile Exchange next week.
Ethereum rose to record high of $1,698.56 before giving up
some of those gains to trade 2.7% lower in early London trading. Bitcoin, the
most popular crypto currency, also fell 1.2% to $37,184.
Cryptocurrencies are gaining traction with more mainstream
investors, with the total market value of all cryptocurrencies reaching more
than $1 trillion for the first time earlier in January.
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