ELON Musk has been known to cause a stir in the market and online with his tweets.
The mogul is back at it again and with one four-word tweet, the cryptocurrency market is jumping around.
Who is the ‘Dogefather’?
Ahead of his hosting gig on Saturday Night Live on May 8th, Musk tweeted the news referring to himself as “The Dogefather.”
That single tweet saw Dogecoin cryptocurrency price surge up to 20% within hours of the tweet.
Meme’s immediately began popping up over the internet feeding off Musk’s tweet.
Many Dogecoin traders are thanking Musk and expressing their excitement that he is bringing awareness to the cryptocurrency as its price is skyrocketing.
Musk has been known to tweet about Dogecoin and other cryptocurrencies and his tweets often go viral reaching beyond his 52.2 million followers.
What is Dogecoin?
Dogecoin is a cryptocurrency based on the 2013 Doge meme.
The meme uses a picture of a Shiba Inu dog with multi-colored text in broken English expressing the dog’s supposed internal thoughts.
The Doge meme was named the top meme of 2013.
Dogecoin was invented the same year by software engineers Billy Markus from IBM and Jackson Palmer from Adobe.
They aimed to create a peer-to-peer digital currency in the hopes that it could go on to expand into a broader demographic than Bitcoin.
Within the first 30 days of it’s launch, Dogecoin.com had over 1 million visitors to it’s site.
The meme-inspired currency quickly developed an online community and has remained competitive, sometimes surpassing the trading volume of Bitcoin.
How was the internet and Elon Musk helped Dogecoin before?
Musk’s “Dogefather” tweet isn’t the first time the internet or the founder of SpaceX has tried to rally around the cryptocurrency.
In July of 2020, a TikTok trend aimed to raise the price of Dogecoin to $1 saw the price jump.
A few months later in January 2021 during the GameStop short squeeze, Reddit users and Musk helped the price jump over 800% in 24 hours.
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Then in February, Dogecoin hit its highest price yet at $0.08 following tweets from Musk, Snoop Dogg, and Gene Simmons.
Mark Cuban also helped the digital currency when he announced that his NBA team the Dallas Mavericks would begin accepting Dogecoin to purchase tickets and merchandise.
Dogecoin has continued to rise in price and popularity and can be expected to surge again on May 8th when Musk appears on SNL.
