A series of tweets that Musk sent overnight caused rival Bitcoin to rise more than 50% in Thursday’s trades.
The first in a series of tweets it was just one word: “Doge”. This was followed by other tweets promoting the currency, which was trading at 5 cents on Thursday, up from about 3 cents before its tweets.
“Dogecoin is the cryptography of the people,” he said in a follow-up tweet.
“No ups, no downs, just Doge,” he tweeted later.
This is not the first time that his Twitter attention to Dogecoin has increased shares. On December 20, a tweet in which he said: “One Word: Doge” increased the value by 20% and made it a trending topic on Twitter.
Musk had previously criticized the more established and much more expensive cryptocurrency bitcoin, calling BS in some tweets. But in an interview on Sunday at the Clubhouse social app, Musk said he should have bought the digital currency eight years ago.
“At this point, I think bitcoin is a good thing. I’m late for the party, but I’m a supporter of bitcoin,” he said.
He is apparently determined not to be late for the Dogecoin party.
– Jazmin Goodwin and Hanna Ziady of CNN Business contributed to this report