Tesla CEO Elon Musk on Wednesday sent the prices for the cryptocurrency Dogecoin soaring saying that the meme currency was “literally” going to the moon. Musk shared an image of the Shiba Inu dog clad in a spacesuit, a meme that inspired the cryptocurrency, standing on the lunar surface holding a flag with text emblazoned on the picture, saying ‘wow’. The SpaceX boss, further, wrote in the caption: ‘on the actual moon’. The phrase, ‘Going to the moon’, is renowned widely in the trading markets to predict a jump in stock pricing. Since shared, the currency’s assets shot by 25 per cent Wednesday following Elon Musk’s tweet at 8:00 AM ET. Dogecoin’s trading surged by 23.11 per cent to $0.0581 by 10:17 AM ET.
If it goes to $1.00 would you say the same about him?
— King (@Bigbet7) February 25, 2021
It’s up 22% because of his tweet 🤷🏻♂️🤦🏻🤷🏻♂️
— Mark Anderson (@Marcanion) February 24, 2021
Loss of $15 billion of net worth
Musk, earlier, incurred a loss of more than $15 billion of net worth for his electric car company Tesla after he tweeted that the prices of Bitcoin and the smaller rival Ether “do seem high”. Tesla’s stock market value toppled by 8.6 percent over the weekend, costing the SpaceX CEO his ‘world’s richest’ title as he slipped to the world’s second-richest person with a total net worth of $183.4 billion, according to Bloomberg’s Billionaire Index. Jeff Bezos, meanwhile, regained the number one position with a total net worth of $186.3 billion. Musk, who has been a staunch supporter of Dogecoin, has many times surged trading for the alternative cryptocurrency Dogecoin via his tweets.
Earlier, as Tesla’s chief tweeted that he bought “the future currency for Earth” Dogecoin for his nine-month-old son, the cryptocurrency’s trading surged by 16 per cent. He had also fired a series of tweets in support of Doge, saying, “Dogecoin is people’s crypto”. Meanwhile, Musk’s electric car firm Tesla had also announced last week, that it bought $1.5 billion in Bitcoin, adding that the company will now start accepting bitcoin as payment for the purchase of Tesla motors. In a Securities and Exchange Commission filing with the DC office, the electric cars manufacturer said that it was buying the cryptocurrency for “more flexibility to further diversify and maximize returns on our cash”. Following the announcement, bitcoin surged to a record price of $43,000.