In what is possibly an April Fools day joke, Elon Musk has vowed to put a ‘literal‘ dogecoin on the moon. Although it is still unclear whether the entrepreneur was making a joke or not, Dogecoin prices have since shot up.
The world second richest man is tweeting about his favourite coin again. Although he is a big supporter and investor of both Bitcoin and Dogecoin, Elon Musk has maintained that Dogecoin is his favourite cryptocurrency. By his own words, mostly because it is a meme, created to be a joke. So, why not talk about it on fools day? The SpaceX founder made this comment on Twitter.
Dogecoin Takes The Win
The comment has since ignited a lot of discussion around cryptocurrencies and Musk’s involvement in the industry. Those who believe that he is just trolling his followers noted that he chose the Moon instead of Mars. It is a popular term in the crypto industry to say that a coin has ‘mooned’ which means prices have consistently been in an upward trend. In the past, any Dogecoin comments from Elon Musk have sparked rallies, a trend he would have anticipated before sending the tweet.
Those who believe that the tweet could carry some truth draw to the fact that he mentions ‘literal Dogecoin‘ and ‘literal moon.’
Most Dogecoin holders will not care whether it’s a joke after seeing their holdings increase in value. The altcoin has in recent weeks been struggling. It has slipped as low as $0.043 since its mid-Feb top of $0.80. Though it has now climbed above $0.60, it is likely to struggle to retain the sudden gains.
Elon Musk’s Rampant Tweets
Elon Musk’s tweets have seen him get into trouble with authorities before. Most of these have involved Tesla which is a publicly traded company. In fact, in 2019, his comments on Twitter led to his removal as the chairman of the electric car manufacturer. Most recently, the SEC has looked into his Bitcoin comments just weeks before Tesla bought $1.5 billion of the digital asset.
While the Dogecoin comment might not land him in any trouble, it is still important to note that there are thousands of investors who base their investment decisions on him.
In the days few days, it will be interesting to hear if this was a joke or the truth. Either will have a huge consequence on Dogecoin price.