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Elon Musk is tweeting about dogecoin again, this time sending the meme-based currency up to 25% on Wednesday with a single word tweet.
Tesla CEO and SpaceX boss fired a tweet at 8:00 AM Eastern Time, with just one word: “Literally”.
Attached to the same tweet was a photo of the famous meme Shiba Inu in a space suit, planting a flag with the word “WOW”.
In a follow-up 10 minutes later, the billionaire tweeted: “On the real moon.”
Dogecoin as of 10:17 am ET on Wednesday is trading up 23.11% to $ 0.0581.
Wednesday is not the first time a Musk tweet has spurred dogecoin, nor is it the second. The Internet coined the term “Musk Move” to capture the extraordinary influence that the billionaire has on moving prices on everything from bitcoin to GameStop and Etsy.
On February 19, it caused another jump in the price of dogecoin after he tweeted to his 46 million followers that he bought for his nine-month-old son. Dogecoin was up 16% after the tweet.
A few days earlier, Musk encouraged large investors, also known as whales, to sell their shares, adding that he believes that concentration among some shareholders is the only “real problem”.
Dogecoin, which started as a joke in 2013, gained fame thanks to supporters known as Musk, but also to rapper Snoop Dogg and Kiss member Gene Simmons. For a short time, dogecoin hovered around a $ 10 billion market valuation, making it more valuable to several well-known companies.
Unlike bitcoin, there is an unlimited supply of dogecoin.