Elon Musk has an obsession with Dogecoin. The billionaire SpaceX CEO and Tesla boss every so often posts something about the Internet’s favourite meme cryptocurrency that drastically shoots up the price every time he tweets about it. And it seems his obsession and enthusiasm isn’t dipping anytime soon. Late on Thursday night, Musk mentioned Dogecoin, yet again. This is not the first time Musk has done this, or even the second, or third time. Every time Musk mentions the cryptocurrency, a surge (often following an eventual downfall) occurs in the prices of the cryptocurrency. Internet sleuths have more than just co-related the phenomenon, they’ve even christened it: “The Musk Effect.”
Musk’s most recent tweet read, “SpaceX is going to put a literal Dogecoin on the literal moon.” While the cryptocurrency is invisible, and not a real-life object you can physically touch, the ‘literal’ bit may be debatable. What Musk could imply would be either putting a representation of what Dogecoin is on the moon, in the form of a statue, or art installation, or a visual representation of the cryptocurrency with the Shiba Inu’s face. It could alternatively mean, he would somehow set up a computer or platform to trade the cryptocurrency out of, on the mooon. Musk’s tweet didn’t clarify.
SpaceX is going to put a literal Dogecoin on the literal moon— Elon Musk (@elonmusk) April 1, 2021
Considering Musk posted it on first April — it could be an April Fool’s joke as well, but that may or may not be the case here, only time will tell. While the ‘Musk effect’ is now becoming a common Internet slang, this isn’t the first, second or even third time Elon Musk has tweeted about Dogecoin, raising its prices.
Musk who has been consistently tweeting about the meme cryptocurrency for a while led to the all-time-high $0.065448, up about 35% from its 24-hour low of $0.048356, according to CoinDesk in early February. The cryptocurrency’s price later dropped again before climbing back to about 25% gain. The Shiba Inu-themed digital coin had then surpassed 8 cents for the first time, just a week after crashing to 2.5 cents and sparking an outcry on Reddit.
Musk had said that he supports major holders of the meme-based digital currency Dogecoin selling most of their coins, adding that he felt too much concentration in Dogecoin was the “real issue”.
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,” he said in a tweet. But that wasn’t all – he offered to pay ‘actual dollar’ for it.
Musk in February had 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. Looks like Musk plans on actually ensuring it.