Dogecoin Price Surges 10% Following Elon Musk Tweet

Long Beach (CoinChapter): Elon Musk continues to have an impact on the meme crypto, Dogecoin. The price of the coin has risen 10% following a Musk tweet about putting a literal coin on the moon.

Early on Thursday Musk tweeted “SpaceX is going to put a literal Dogecoin on the literal moon”. Normally the date this occurred on would be a cause for concern as it is April Fool’s Day, and that remains a possibility. But Musk has also called it the ‘future currency of the earth’. He has even accumulated some for his nine-month old son.

The tweet led to a massive uptick in trading on the coin and the price rose from $0.054 to $0.066, breaking through any local resistances. This surge also puts Doge at a market cap of over $8 billion with a circulating supply of 129 billion.

SpaceX is one of Musk’s many companies and is focused on rocket building and space exploration. Some believe this tweet could be related to the current expansion of SpaceX’s Starbase. This is a platform for building space rockets based in Bolsa Chica Village, Texas.

Could Musk’s tweet about Dogecoin on the moon be a April Fool’s Day joke?

Of course another question some will have regarding Musk’s tweet is how he can actually transport a digital coin to the moon. Digital coins by definition, have no physical structure and thus, aren’t literal anythings. This would lend credence to the idea that this is simply an April Fool’s Day joke.

But Elon Musk’s previous involvement with the crypto makes that unclear. Musk has also called Dogecoin the “people’s crypto” and did support it being listed on the Coinbase exchange. He did however, warn users about too much concentration in the coin in February. This comment actually led to a price drop.

Despite its original creation as a joke coin, it has now far outgrown that distinction. Companies such as CovCare and the NBA’s Dallas Mavericks have begun accepting Dogecoin as a means of payment.