The ‘memecoin’ seems to have won over the heart of the Tesla CEO and he had to shill it on April 1.
Dogecoin surged over 10% after Elon Musk tweeted about taking the cryptocurrency to the moon.
‘To the moon’ is a popular term used in crypto and amateur investing circles to describe an asset in a strong uptrend that seems to never stop going upward, i.e. to the moon. Every crypto community member hopes their own bag would eventually reach the moon someday, but Musk’s taking it a step ahead: he wants to put an actual Dogecoin on the actual moon, 384,400 km away from Earth.
Dogecoin to the moon
“SpaceX is going to put a literal Dogecoin on the literal moon,” said Musk in a tweet. SpaceX is one of Musk’s companies and is involved in rocket building and space exploration.
The tweet incited a flurry of trading activity on Dogecoin, which immediately pumped in the minutes afterward. It pumped like a literal rocket from $0.0540 to $0.066, breaking through any local resistances.
The surge meant Dogecoin now sits on a market cap of over $8 billion with a circulating supply of 129 billion. “Investors” who happened to pour their funds into DOGE made over 3,434% over the past year, and over 23% over the past week.
For Musk, the tweet was one of the many Dogecoin-related snippets he has put out in the past year. He once said it was the ‘future currency of Earth’ and even said he had accumulated a stack for his nine-month-old son.
Who knew the DOGE would live to see this day?