Dogecoin jumps 25% after a one-word Elon Musk tweet about the red-hot cryptocurrency | Currency News | Financial and Business News

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Dogecoin is a cryptocurrency based on the Doge meme, started seemingly as a joke

Elon Musk is tweeting about dogecoin again, this time sending the meme-based currency up 25% on Wednesday with a single-word tweet.

The Tesla CEO and SpaceX chief fired off a tweet at 8:00 AM ET with just one word: “Literally.”

Attached to the same tweet was a photo of the meme-famous Shiba Inu in a space suit, planting a flag emblazoned with the word “WOW”.

In a follow-up 10 minutes later, the billionaire tweeted: “On the actual moon.”

Dogecoin as of 10:17 AM ET on Wednesday is trading higher by 23.11% to $0.0581.

Wednesday is not the first time a tweet from Musk sparked a rally in dogecoin, nor is it the second. The internet has coined the term “Musk Move” to capture the outsize influence the billionaire has in moving prices of everything from bitcoin to GameStop to Etsy.

On February 19, he caused another jump in the price of dogecoin after he tweeted to his 46 million followers that he bought some for his nine-month old son. Dogecoin surged as much as 16% following the tweet.

A few days before that, Musk encouraged major investors, also known as whales, to sell their shares, adding that he believes concentration among a few holders is the only “real issue”.

Dogecoin, which started as a joke in 2013, has been propelled to fame thanks to well-known backers such as Musk, but also rapper Snoop Dogg and Kiss member Gene Simmons. For a short time, dogecoin was hovering around a market valuation of $10 billion, making it more valuable numerous well-known companies.

Unlike bitcoin, there is an unlimited supply of dogecoin.

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