Tesla Inc (NASDAQ:TSLA) CEO Elon Musk keeps doing mind-grabbing stunts, and this time around, it is about the cryptocurrency dogecoin. The top executive tweeted on April Fool’s, and most people thought he was joking. The tweet was about Musk’s SpaceX plan to send a dogecoin token into space, probably to land on the literal moon.
Musk and his commitment to dogecoin
Musk agrees that he is fond of bringing up jokes around dogecoin and doesn’t want anyone misinterpreting his jokes. In the invite-only chat app Clubhouse’s interview, the official expressed how commuted he was to the dogecoin. Analysts believe that Musk’s dedication and love for the dogecoin is sufficient motive and inspiration for him to send it into space.
It was back in 2019 that the Twitter poll made Musk the dogecoin CEO through a vote. The title strikes many as relatively meaningless, but it is incredible how Musk seemed happy about it. The company executive joked about offering more support to the dogecoin if large accounts would manage to sell their holdings in the previous month. Musk added that the market had been clinched and governed by a few users.
The bull run
The Dogecoin price has, in this year, climbed to hit the 900% mark. Interest in this cryptocurrency continues to skyrocket. Bitcoin maintains its top position, currently sticking out as the biggest in terms of its total value that stands at $1.1 trillion. Many retail traders moving into the markets to buy Bitcoin and the Wall Street interest adequately explain the Bitcoin process’s latest surge.
Reports show the bitcoin price has having increased almost two times since the start of the year. The second-biggest cryptocurrency, ethereum, has also showcased remarkable performance, something analysts closely attribute to the outstanding growth of decentralized finance (DeFi).
Dogecoin gets a boost from Tesla’s CEO after a short hiatus. Analysts outline that Musk plays a significant role in boosting dogecoin’s price, and the bull run continues in the sector. Tesla has invested about $1.5 billion in bitcoin and hopes to add more to its balance sheet. The whole thing about Musk’s private rocket company placing dogecoin on the moon continues to spark mixed reactions.