Dogecoin Surges 10 Per Cent After Elon Musk Tweets That SpaceX Is Going To Put Memecoin On Moon

Dogecoin Surges 10 Per Cent After Elon Musk Tweets That SpaceX Is Going To Put Memecoin On MoonSpaceX, Tesla and Neuralink co-founder Elon Musk. (Mark Brake/Getty Images)
Snapshot
  • Soon after the tweet was made, Dogecoin pumped like a literal rocket from $0.0540 to $0.066.

Dogecoin trading activities surged over 10 per cent after SpaceX chief executive officer Elon Musk tweeted about this cryptocurrency and its future possibilities.

In a tweet which was made on 1 April, the billionaire promised to take Dogecoin to the Moon. His tweet says that SpaceX will put a "literal Dogecoin" on the "literal moon".

First of all, people should not go on its “literal” sense, because it is not practically possible since none of the cryptocurrencies is physical in nature.

Secondly, the term “to the moon” is popular in crypto and armature investing circles to explain an asset whose economic value is skyrocketing.

When it comes to Musk, he has expressed his long-standing love for cryptocurrencies. Previously also he expressed his ideas for a cryptocurrency-based economy in a future human colony on Mars.

The Tale Of Elon Musk And Cryptocurrency

The tweet — "SpaceX is going to put a literal Dogecoin on the literal moon” — incited a flurry of trading activity on the cryptocurrency which was invented by software engineers Billy Markus and Jackson Palmer. Soon after the tweet was made, Dogecoin pumped like a literal rocket from $0.0540 to $0.066.

The surge took Dogecoin on top of the market cap of over $8 billion with a circulating supply of 129 billion. According to CryptoSlate, this is a surge of more than 3,434 per cent over the past year. However, within the past week, Dogecoin managed to grow by as much as 23 per cent.

This tweet was one of the many Dogecoin-related comments Musk has made in recent times. He once said that it would be the “future currency of Earth”. This particular cryptocurrency started as a meme in its initial days while carrying the famous Shiba Inu dog image.

But now, like other competitors, Dogecoin has also gained popularity and even Musk has accumulated a stack for his nine-month-old son.

But that is not the end of the Musk and cryptocurrency tale. In December 2020, while responding to a Twitter thread, started by Artificial Intelligence researcher Lex Fridman, Musk said that the future Mars economy will run on cryptocurrency.

The billionaire, who is one of the co-founders of online payments giant PayPal, also suggested that it could be Marscoin or Dogecoin.

Marscoin And Dogecoin

According to the website of Marscoin, this cryptocurrency is dedicated to supporting the Mars human colony and other space-related programmes intended to get humans living and thriving off of Earth.

“Marscoin is a testbed for experimentation with technologies that might help early colonists on Mars build governance, voting, inventory tracking, trading and capital allocation,” the website explained.

But it looks like Dogecoin could be a more likely candidate for a future economy beyond Earth as it is more popular than Marscoin and shares many decentralised attributes as Bitcoin.

Last year, Musk also changed his Twitter bio to "Former CEO of Dogecoin". He wrote on the social media platform, "One word: Doge".

On Christmas 2020, he tweeted, "Merry Christmas & happy holidays!" — attaching an image that included the Dogecoin logo.

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