Dogecoin ‘Takes off’ with a 35 Percent Boost after Elon Musk's SpaceX tweet
By Luke F - Crypto Broker - 01-04-2021
The price to buy Dogecoin (DOGE) jumped 35% in minutes on April 1 after a new tweet from Tesla CEO Elon Musk, reaching just over 1 month highs. Tesla CEO is a known enthusiast of buying Bitcoin (BTC) and investing in cryptocurrency as a whole.
Musk, who has been nicknamed Tesla's "Technoking," is known for his stunts on Twitter and in interviews that have already helped in raising the altcoin's price.
However, this was the most blatant instance of "memeing" a digital asset to the moon, as Musk vowed that his other business SpaceX would genuinely "put a literal Dogecoin on the literal moon."
Because of this, Dogecoin quickly started to climb, hitting a high of $0.07 before cooling off but maintaining its gains. DOGE started 2021 at $0.004, and its year-to-date gains as of April 1 stood at more than 1,500%.
In an extremely rare but real move, Latvian national carrier airBaltic revealed this week that passengers can now book flights using DOGE as well as a number of other altcoins. Since 2014, Bitcoin has been approved.
In the meantime, Musk has placed himself in a bit of trouble over his tweets, with news surfacing in February that the billionaire was being investigated by US authorities.
However, he said that it was his promotion for buying Dogecoin in general that got himself into difficulty. The idea of cracking down on potential manipulations on crypto market investments continues a touchy subject for many lay investors in the wake of the Reddit–GameStop fiasco, in which trading networks stopped investors from transacting in an apparent ad hoc manner when their trading caused heavy volatility.