Elon Musk has been stirring the cryptocurrency scene with non-stop Dogecoin advocacy and the market has been reacting to it with the alt meme coin exploding in the past week.
The billionaire and founder of Tesla and SpaceX has been noting the innovative impact of cryptocurrency and blockchain-based currencies for some time now, but has taken a step into either shilling or parody promoting Dogecoin without any explicit agenda.
In a video recently posted, Musk says:
“There is a good chance that crypto is the future currency of Earth. But which one is it going to be? It should be considered speculation at this point.”
When asked about the meme. cryptocurrency, Musk continues:
“I think the point is that Dogecoin was invented as a joke but essentially to make fun of cryptocurrency and there’s an argument that fate loves irony. What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes a real currency. So… To the moon?”
Musk driving Dogecoin price to the moon
Since Musk’s comments about Dogecoin, the cryptocurrency has seen enormous volatility as part of a major pump-and-dump. Driven by Musk’s tweets and response to the market, Dogecoin price has surged by over 78% in the past week. Over the past 24 hours alone, Dogecoin has risen by more than 27%. The majority of this is influenced by Musk’s comments and followed by FOMO and positive short-term sentiment for the cryptocurrency. The volume of transacted Dogecoin over the past day is looking at a whopping 93.85%.
Elon Musk and Bitcoin influence
This is not the first time Musk has caused the market to shift so rapidly or significantly. Just recently, the Tesla CEO added “Bitcoin” to his Twitter bio which caused the leading cryptocurrency to surge by more than 15% in just half an hour. This came following a comment that he made on private social media Clubhouse where Musk allegedly wrote “I am late to the party but I am a supporter of #Bitcoin.“