Dogecoin shot up 10% after Elon Musk tweeted about sending it to the moon.
The tweet prompted a spurt of trading activity on DogeCoin, moving the price up from $0.0540 to $0.066.
Dogecoin currently has a market cap of over $8 billion and a circulating supply of 129 billion coins as a result of the spike. Over the last year, investors who put their money into DOGE have made a profit of over 3,434 percent, and over 23 percent in the last week.
“To the moon” is a frequently used term in the digital currency trading world. It’s used to describe a cryptocurrency that is currently on a strong upward trend. But Musk is a-Musking, and he is possibly going to turn the phrase very literal.
Many think this is nothing but an April’s Fool Joke, but given the often eccentric character of Elon Musk, it’s very well possible. Let’s not forget he once said Dogecoin will be “the future currency of the earth”. Or that time he announced that he had saved a stack for his nine-month-old son.
Musk is a long-time known supporter of cryptocurrencies. In February, he announced that Tesla invested US$1.5 billion in bitcoin. Additionally, he also said that customers could now pay for a Tesla in bitcoin.
What is Dogecoin anyway?
Dogecoin was created as a joke back in 2013 by software developers Billy Markus and Jackson Palmer. It was meant simply as satire for the popularity of bitcoin, but apparently, it’s not so amusing anymore.
Dogecoin is a perfect way for crypto-curious investors to dip their toes in the water. It is so inexpensive in comparison to other cryptocurrencies. Observing the price of Dogecoin fluctuate will teach kids and newcomers about crypto markets, as well as train them for real-world investing.