Elon Musk says “Doge” on Twitter and cryptocurrency prices soar | Finance

Dogecoin (DOGE) rose more than 50% just today, after the famous billionaire Elon Musk again posted about the cryptocurrency on Twitter. Tesla’s owner published a short sequence of phrases and that was enough to make the price of the digital currency soar.

Meme posted by Elon Musk on Twitter about DOGE (Image: reproduction)

Loosely and vaguely, the businessman simply published “Doge”, earlier this Thursday (04). However, it was his next sentences accompanied by an authorial meme that made the cryptocurrency soar. “Dogecoin is the people’s cryptocurrency,” he said.

Then, the tycoon followed with his humorous support for the digital currency that was born as a joke: “No ups or downs, just Doge”.

Musk makes DOGE appreciate more than 50%

As the index points out CoinDeskat the end of yesterday, dogecoin was under $ 0.031. Early this morning, Musk started his series of posts about DOGE. Then, the cryptocurrency soared to a maximum of $ 0.0596. As high as the price is for the humorous nature of digital currency, this was no record.

On January 29, after organized actions by the WallStreetBets group on Reddit, DOGE rose by 1,500% and reached its historic high of US $ 0.0781. In this episode, Musk had only an indirect influence on the process, when he posted a dog image on Twitter and users automatically interpreted it as supposed support for cryptocurrency.

Dogecoin: cryptocurrency or meme?

Dogecoin (DOGE) is a cryptocurrency created as satire on the digital currencies themselves and is based on the popular meme “Doge”. It is a Shiba Inu dog that is usually accompanied by phrases with “wow”, “much” or “such” grammatically wrong.

The meme that inspired Dogecoin (Image: Reproduction)

The meme that inspired dogecoin (Image: Reproduction)

As difficult as it is to explain a meme based on “non-sense” humor, it is even more difficult to decipher the creation of dogecoin. The digital currency emerged in 2013, a time when cryptocurrencies were still in their infancy and bitcoin (BTC) itself was still regarded as a crazy economic proposition. Even so, that year the digital currency exceeded US $ 1,000 for the first time and began to attract the attention of the market.

Musk clarifies that his “support” for DOGE is a joke

On Friday (29), just after the first shot of dogecoin, Elon Musk talked through the Clubhouse platform about his alleged support for DOGE and vague positioning against bitcoin. At the time, both issues were clarified.

“I think bitcoin is a good thing and I am an advocate,” said Musk, who had abruptly switched his Twitter bio to #bitcoin, without further explanation. However, as for dogecoin, the businessman confirmed that he loves cryptocurrency and is his favorite, but as a meme. His supposed support for DOGE is then nothing more than a joke that the Tesla owner finds amusing.

It is curious to note that, in reality, Musk always writes the word “Doge” on Twitter, not “DOGE”. The difference between the two terms is that the first is the name of the meme itself, while the second is the official acronym for dogecoin, thus leaving an air of ambiguity about its statements.

“I occasionally make jokes about dogecoin, but in reality they are meant to be just jokes,” said Musk. “DOGE was created as a joke to make fun of cryptocurrencies,” he concluded.

With information: Gizmodo

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