A series of tweets that Musk sent overnight boosted Bitcoin rival Thursday by more than 50%.
The first in a series of tweets was just one word: “Doge.” This was followed by other tweets raising the currency, which traded at 5 cents early Thursday, compared to about 3 cents before its tweets.
“Dogecoin is the crypto of the people”, he said in a follow-up tweet.
“No highs, no lows, just Doge,” he said. tweeted later.
This is not the first time that Twitter’s attention to Dogecoin shares has risen. On December 20, a tweet in which he says ‘One Word: Doge’ increased the value by 20% and made it a trending topic on Twitter.
Musk has previously been critical of more established and much more expensive cryptocurrency bitcoin. call it BS in some tweets. But in an interview Sunday on the social app Clubhouse, Musk said he had to buy the digital currency eight years ago.
“I think at this point bitcoin is a good thing. I’m late for the party, but I’m a proponent of bitcoin,” he said.
He is apparently determined not to be late for the party on Dogecoin.
– CNZ Business’ Jazmin Goodwin and Hanna Ziady contributed to this report