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Dogecoin Explodes After Musk’s Troll Tweet

Dogecoin is enjoying a more than 15% increase in price after SpaceX’s Elon Musk tweeted a meme about the cryptocurrency.

SpaceX and Tesla CEO Elon Musk has taken to Twitter once more to spark the cryptocurrency community into rumours and action.

With a satirical tweet, Musk posted a meme about Dogecoin, which itself started life as a meme cryptocurrency, implying that the Dogecoin standard would envelop the global financial system.

Elon Musk tweets a Dogecoin meme

The comment – which saw massive engagement from tech enthusiasts, financial investors, and the crypto community – might have resulted in the spike that Dogecoin’s price is seeing following the tweet. Looking at data from the past two days from Coinmarketcap, it’s obvious to see the correlation between the tweet and the increase in Dogecoin’s price on 18th July. Gaining 15.39% in daily trading value, Dogecoin rose from $0,003023 USD to $0,003629 USD.

This isn’t Musk’s first comment referring to the meme token. In April last year, he tweeted about Dogecoin in response to a poll from the cryptocurrency’s official Twitter account:

In addition to referring to the cryptocurrency, Musk also reached out to a figure in the industry in 2018. In September 2018, he tweeted to Dogecoin founder Jackson Palmer asking him for advice on how to get “rid of the annoying scam spammers”. The tweet led to an apparent conversation between Palmer and Musk as Palmer tweeted later that ” Elon has the script…” And that the two “had a good chat on how @jack and the Twitter team should definitely automate and fix this problem on their end though.”

Does Elon Musk Have Bitcoin?

Musk, who has been outspoken about his Bitcoin holdings, isn’t one to shy away from talking about cryptocurrency. The Tesla CEO has stated – and reconfirmed on several occasions – that he owns 0.25 Bitcoin, which a friend bought for him. He, however, has explicitly stated that he has never actively purchased any Bitcoin before.