Dogecoin Really Surged Over the Weekend
In a series of tweets, Elon Musk got people interested in Dogecoin by posting a meme related to the currency. This, naturally, got a lot of people talking and caused the currency’s price to shoot up by more than 16 percent. Dogecoin ultimately rose eight percent further the following day after Musk fired another tweet at the currency speculating as to whether it was a valid currency or not.
Today, it looks like the hype and hoopla surrounding the currency has died down a bit considering Dogecoin’s price has fallen by more than four percent at the time of writing. Still, the asset has enjoyed a solid weekend thanks to the man who not too long ago claimed that Dogecoin was the “best coin.”
Both Musk and the currency have a long and steady history together. Last year, widespread speculation meandered throughout social media when it was announced that Musk would potentially serve as the currency’s newest CEO, though this turned out to be a simple rumor that was likely blown out of proportion. Still, the currency is no stranger to praise from Musk, who is usually quick to remind the crypto world of its benefits and status.
The SpaceX and Tesla CEO has done the same for bitcoin, the world’s number one cryptocurrency by digital market cap. Two months ago, Musk was one of various crypto-related celebrities to utilize Twitter in explaining what bitcoin was to J.K. Rowling, the famed author of the “Harry Potter” series. He was also quick to take a stab at central banks and decry stimulus efforts as means of fighting the current coronavirus pandemic.
If there’s a running theme here, it’s that Elon Musk is quite active on Twitter, which recently came back to haunt him last week when it was discovered that his account – along with those of several other high-ranking officials and celebrities – was hijacked by cyber thieves who sought to utilize his account and others to garner bitcoin funds they hadn’t earned. Other figures who had their accounts compromised included Bill Gates, former president Barack Obama, and his vice president Joe Biden.
Musk Is a Major Crypto Figure
Elon Musk has been at the center of several BTC fraud-related incidents on both Twitter and YouTube, so while this latest incident has likely garnered the attention of news outlets everywhere, it’s not terribly out of the ordinary for him. In the past, several fake accounts using his picture and likeness have been created for the purpose of stealing funds from unsuspecting users.
Dogecoin is widely recognized by the cute little Shiba Inu dog that has served as its mascot since it first rose to prominence.