Elon Musk Does It Again: Dogecoin Tweet Pumps Price 15% – Decrypt

Tesla CEO and professional memer Elon Musk disclosed on Twitter today that he has bought Dogecoin for his zero-year-old baby, X Æ A-12. The tweet pumped the price of the meme coin.

The billionaire entrepreneur tweeted today, “bought some Dogecoin for lil X, so he can be a toddler hodler.”

Following the tweet, the price of Dogecoin shot up like a rocket, from $0.069 to highs of $0.08.  Dogecoin then slipped to its current price, $0.074, where it sits in anticipation of Musk’s next tweet. 

Musk then shared a video of a baby, presumed to be X Æ A-12, babbling to the tune of a whistle, presumed to flow from the pursed lips of one of his creators. 

Musk, the world’s richest man, has tweeted about Dogecoin incessantly over the past few months. He even declared himself the CEO of Dogecoin at one point. Though he’s clarified in the past that his Dogecoin antics are all in jest, he’s recently outed himself as a true Bitcoin believer. Tesla, the electric car manufacturing company that Musk created, has invested $1.5 billion in Bitcoin, according to an SEC filing revealed on Monday.

Nevertheless, his Dogecoin tweets regularly pump the price of the coin, which has risen by 753% in the past 30 days, according to data from CoinMarketCap. In the past week, several celebrities, among them the eccentric musicians Gene Simmons and Snoop Dogg, have promoted the coin. 

Dogecoin was created by Billy Markus and Jackson Palmer in December 2013 to poke fun at cryptocurrencies like Bitcoin.

So, what to make of Musk’s latest promotion—cute or vomit-inducing? We’ll leave that for you to decide—and maybe the SEC or CFTC, too.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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