Another Elon Musk Dogecoin Tweet Sends Speculators Aflutter

Tesla Inc TSLA CEO Elon Musk seemingly pitched for the joke cryptocurrency Dogecoin (DOGE) to be powered by a supercomputer. 

What Happened: The entrepreneur tweeted, “Dojo 4 Doge.” There was speculation on the Reddit r/dogecoin discussion board that it was a reference to the Tesla supercomputer named after a traditional Japanese martial arts gymnasium. 

Tesla’s Dojo supercomputer is part of the automaker’s eventual plan to allow cars to drive themselves only using a camera and radar. Dojo also has a role in the company’s plans to create a fleet of robotaxis. 

DOGE was trading 4.28% higher at $0.056 as of publication time. The apex cryptocurrency Bitcoin (BTC) was up 4.19% at $57,523.69, after hitting another all-time high earlier in the day.

Why It Matters: Musk frequently comments about Dogecoin and his tweets have often moved the Shiba Inu-themed cryptocurrency’s price. 

See also: How to Buy Dogecoin (DOGE)

Last week, he asked major Dogecoin holders to sell most of their coins, citing “too much concentration” as an issue. 

See Also: Dogecoin Mega-Whale? Elon Musk Thinks It Could Be Robinhood

The Tesla executive’s tweets have not always gone down well with the cryptocurrency community, and some are afraid he is losing his credibility on the topic.

How does it feel nudging people into worthless coins such as dogecoin @elonmusk ?
There's no fundamental value, no use case, it was founded as a joke etc....

— RiskIndemnity (@RiskIndemnity) February 21, 2021

Musk recently revealed why Tesla invested in the apex cryptocurrency instead of DOGE. He said that BTC was “simply a less dumb form of liquidity than cash" and that holding BTC is “adventurous enough for an S&P500 company.”

Price Action: Tesla shares closed nearly 0.7% lower at $781.30 on Friday and gained 0.15% in the after-hours session.