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Elon Musk said Wednesday that he bought Dogecoin, whose mascot is a cute dog Shiba Inu (R), for his 9-month-old son, X Æ A-XII (L).
Twitter; Getty Images
Elon Musk raised the price of Dogecoin once again on Wednesday, claiming he bought part of the cult cryptocurrency for his young son, X Æ A-Xii.
“I bought Dogecoin for lil X, so he can be a baby hodler” billionaire Tesla CEO tweeted at 10:08 am, using intentionally incorrect slang to designate someone who has cryptocurrency instead of selling.
The price of Dogecoin started to rise a minute after Musk’s Twitter post and reached 8 cents before reducing earnings, according to data from CoinDesk.
The currency – which started out as a joke and was inspired by an Internet meme – was recently traded at about 7.5 cents, about 4% more than the day before.
Musk did not reveal how much Dogecoin bought for his 9-month-old son, whose mother is electronic musician Grimes. Musk also did not say whether he owns any Dogecoin himself.
Musk’s tweets have caused Dogecoin to fire several times in the past few months, helping him gain more attention and become one of the most valuable cryptocurrencies on the market.
The SpaceX founder said his posts on Dogecoin are intended to be jokes. But he is a Bitcoin fan, as evidenced by Tesla’s announcement on Monday that it bought $ 1.5 billion from the world’s largest cryptocurrency.