The world’s richest person is now the CEO of three companies. Along with running Tesla Inc TSLA, SpaceX and Twitter, Elon Musk also finds time to be active on Twitter, where he is now the second most followed person.
Known for his ongoing support of meme crypto Dogecoin DOGE/USD, comments from Musk early Saturday morning could have kickstarted another rally for the cryptocurrency.
What Happened: Dogecoin has a history with Elon Musk that dates back several years. On April 2, 2019, Musk made his first reference to Dogecoin saying it “might be my fav cryptocurrency. It’s pretty cool.”
Musk also posted a meme on July 17, 2020 that referenced Dogecoin passing the global financial system, captioning it with “It’s inevitable.”
With 2021 being the year of Dogecoin, Musk was one of the biggest supporters of the cryptocurrency, potentially helping it reach all-time highs of $0.7375.
In May 2021, Musk referenced Dogecoin when he hosted an episode of “Saturday Night Live.” Musk appeared in several of the skits including appearing as fake financial expert Lloyd Ostertag on “Weekend Update.”
As Ostertag, Musk’s character asked to be called the “Dogefather” and explained some of the positives of Dogecoin.
“It’s the future of currency,” Ostertag said. “It’s an unstoppable financial vehicle that’s going to take over the world.”
Musk’s character ends the skit by declaring “To the mooooon!” supporting a rallying cry for Dogecoin to rocket higher, often used by the cryptocurrency community.
Musk reiterated the Dogecoin saying during a Twitter Spaces gathering featuring thousands of live listeners early Saturday morning.
Related Link: If You Invested $1,000 In Dogecoin When Elon Musk Revived His $4B Twitter Offer, Here's How Much You'd Have Now
Why It’s Important: During the Twitter Spaces appearance, Musk may have kickstarted a new rally in Dogecoin. The meme cryptocurrency traded higher after Musk completed the $44 billion acquisition of Twitter. Many believe Musk will integrate Dogecoin into Twitter’s plans for payments and potentially utilize it in other ways.
“There probably is a future for Bitcoin, Ethereum and Doge, I can’t really speak to the others,” Musk said. “My guess is it works out well, maybe some of the others too.”
Musk cautioned that he is “not the expert on crypto” and told listeners not to get carried away with investing in cryptocurrency.
“I mean, don’t bet the farm on Doge, but you know. I’m working hard on the Doge front.”
The appearance by Musk on the Spaces and his comments about working hard on Dogecoin-related items sent the price of Dogecoin up double digits early Saturday, and also saw the phrase “Doge to the moon” trending on Twitter.
The all-time high price of Dogecoin was reached around Musk’s appearance on “Saturday Night Live” in May 2021 when he referenced the cryptocurrency leading up to and on the show.
While it would take a significant gain to match the all-time highs, announcements from Musk on integration with Twitter and continued vocalization about Dogecoin going to the moon by the world’s richest person could lead to a further rally for the meme coin.
Doge Price Action: Dogecoin is up 9% to $0.09055 at the time of writing. Dogecoin has traded between $0.0793 and $0.09399 over the last 24 hours.
Photo: Created with an image from Ministério Das Comunicações on Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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