- Dogecoin jumped as much as 35% in 24 hours as Tesla CEO Elon Musk tweeted about the cryptocurrency.
- The cryptocurrency’s price later dropped again before climbing back to about 25% gains.
- Year-to-date returns on the meme-based cryptocurrency were about 1,032.91%, according to CoinDesk.
- Visit the Business section of Insider for more stories.
Elon Musk, chief executive at Tesla and SpaceX, drove the price of Dogecoin cryptocurrency by as much as 35% higher with a series of tweets late Saturday.
The digital currency hit an all-time high of $0.065448, up about 35% from its 24-hour low of $0.048356, according to CoinDesk. The cryptocurrency’s price later dropped again before climbing back to about 25% gains.
Year-to-date returns on the cryptocurrency were about 1,032.91%, the site said. The cryptocurrency had a market capitalization of about $7.81 billion early Sunday.
Musk on Saturday night posted a Twitter poll, asking his 45.8 million followers to choose “the future currency of Earth.”
He gave two options: “Dogecoin to the Moooonn” or “All other crypto combined.”
The poll resulted in 71.3% of the 2.4 million voters saying that “Dogecoin to the Moooonn” would be the future of currency.
Read more: Investors are flocking to trade Dogecoin and other hot digital tokens on Voyager, a platform with no Robinhood-style restrictions. Its CEO says Bitcoin will hit $100,000 this year — and shares 3 other cryptocurrencies to watch.
Last week, Musk sent the coin up 59% with another series of tweets, where he called Dogecoin “the people’s crypto.” He’s also boosted bitcoin, and has been a vocal supporter of the Reddit group Wall Street Bets. Dogecoin has benefited from the mania driven by that group.
Just before midnight in California, Musk added another tweet, building off a meme he’d posted last week. On February 4, he posted a drawing ripped from “The Lion King,” with himself as Rafiki, the cartoon monkey, holding up a baby — Simba in the movie, but the Dogecoin dog in Musk’s version.
—Elon Musk (@elonmusk) February 7, 2021
On Saturday, he added two other monkeys to the scene. They had the heads of Gene Simmons, from the band Kiss, and Snoop Dogg.
Musk said, “So … it’s finally come to this …”