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Elon Musk Launches Dogecoin To The Moon (Yep, Again – Who's Counting?)

Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has let out more tweets, alluding to the meme cryptocurrency Dogecoin (DOGE).

What Happened: The Shiba Inu-themed cryptocurrency seemed to be on Musk’s mind on Wednesday night when he tweeted a stick figure peering at the moon through a telescope.

Musk also made a possible reference on Twitter to the 1943 best-selling French novella “Le Petit Prince,” which is centered around a young prince who goes on an interplanetary exploration.

When asked by a r/WallStreetBets moderator if his telescope tweet was a work by the artist Pablo Picasso. Musk replied it was a “Doge Barking at the Moon.”

Why It Matters: DOGE inched towards the 15 cent mark on Thursday, touching an intraday high of $0.1425 but simmered down to $0.1381 at press time.

Dogecoin Against US Dollar. A sharp spike is noted midnight ET on Thursday in the aftermath of Musk’s latest DOGE tweets. 

The cryptocurrency was trading 25.43% higher in a 24-hour period leading up to press time and rose 125.65% on a seven-day trailing basis.

The impact seems more pronounced relative to Musk’s tweets on Wednesday, which didn’t seem to immediately alter the Doge course.

Dig Deeper: Why Is Dogecoin Being Succhhhh A Good Boi Right Now?

Since the year began, the meme cryptocurrency has shot up 2,893.3%, which is significantly more than Bitcoin’s (BTC) 115.81% ascent in the same period. BTC traded 2.04% lower at $62,840.98 at press time. 

The latest spike in DOGE’s valuation is driven by high social media interest as the cryptocurrency topped the list of trends on Twitter Inc’s (NASDAQ:TWTR) platform and on Stocktwits.com on Wednesday.

Price Action: Tesla shares closed nearly 4% lower at $732.23 on Wednesday.

Read Next: Cryptocurrency Market Overtakes Apple — The World’s Most Valuable Company — In Market Capitalization

Photo by Play Your Place on Flickr

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