Elon Musk tweeted about dogecoin, sending it up over 30%

It’s a great day to personal dogecoin. The world’s hottest meme cryptocurrency is up over 30% this morning as of the time of this writing, according to CoinMarketCap. Dogecoin is presently sitting at round $0.215 per coin. That’s up from simply above $0.15 per coin yesterday.

So why is dogecoin skyrocketing? Elon Musk. The reply is at all times Elon Musk. Time’s questionable selection of Particular person of the 12 months tweeted that Tesla will make some merchandise that may be bought by dogecoin and “see how it goes.” And with that tweet, dogecoin shot up.

In fact, on condition that Musk mentioned dogecoin can be utilized for some Tesla “merch” it’s doubtless Musk doesn’t imply folks will quickly be capable of purchase a Tesla with dogecoin – most likely extra like a Tesla t-shirt, or, understanding Musk, one thing extra wacky.

It’s not completely surprising that Musk made the dogecoin announcement at present. Traditionally, Musk has been the meme coin’s most high-profile cheerleader. And as CNBC notes, Musk just lately told Time journal that “Essentially, bitcoin is just not a great substitute for transactional forex. And although it was created as a foolish joke, dogecoin is best suited to transactions.”