Elon Musk fuels dogecoin hype - and gives Bitcoin parody currency an astronomical price increase

Elon Musk keeps making headlines with his unconventional actions on Twitter.

Now he has caused price volatility with a tweet for the joke crypto currency Dogecoin.

• Elon Musk * is known worldwide for his unconventional appearance on Twitter.

• After promoting an improvement to the computer game Cyberpunk 2077 last week, he is now supporting the joke cryptocurrency Dogecoin.

• Dogecoin price explodes after Elon Musk's tweets.

Palo Alto - "Dogecoin is the people's cryptocurrency".

With this apparently ironic tweet, Tesla * CEO Elon Musk pushed the joke cryptocurrency Dogecoin on Twitter on Thursday.

The Dogecoin rate rose by 50 percent within a few hours.

Tesla: Dogecoin course explodes after tweet from CEO Elon Musk

It all started quite harmlessly with a funny dog ​​photo of a Japanese Shiba Inu.

But the meme quickly became a crypto currency that was supposed to parody Bitcoin.

The Dogecoin was born.

The crypto currency Dogecoin has been around since 2013.

The price of the crypto currency has been at a consistently low level over the past few years and only briefly exceeded the one US cent mark in January 2018.

The Dogecoin stayed what it actually is for a long time - a joke.

ur welcome pic.twitter.com/e2KF57KLxb

- Elon Musk (@elonmusk) February 4, 2021

But thanks to the active support of Elon Musk, the price of Dogecoin exploded in the last few hours.

The tech billionaire supported the growth of the cryptocurrency with tweets like “No ups, no downs, just Doge”.

Musk's apparent sympathy reached its preliminary climax in an image processing from a scene from the Disney film "The Lion King", in which Elon Musk as Rafiki holds up the mascot "Doge" instead of the lion cub Simba.

In the meantime, the cryptocurrency parody has reached a value of over 5 US cents and thus a 10-fold increase within a month.

Tesla: Elon Musk keeps causing a stir with unusual tweets

In the past, Elon Musk has always attracted attention with unconventional tweets.

He recently fueled the hype on Gamestop shares and clearly positioned himself as a supporter of Reddit private investors who are currently heating up hedge funds at Gamestop.

Here, too, the billionaire's influence on the stock was directly noticeable.

On Tuesday, Musk posted the link to the Reddit forum on his Twitter account, which fueled the hype about the Gamestop share.

The following day, the share price rose again and meanwhile increased by 158 percent to $ 380.

(

phf

)

Merkur.de

is part of the Ippen Digital network.