With the hub-bub surrounding GameStop and Wallstreetbets starting to quiet down, the internet needs a new meme to rally around and Elon Musk is happy to oblige.
After a week of tweets about SpaceX projects, at the weekend Musk seemingly decided it was time to throw off the visage of seriousness and instead get folks to invest in Dogecoin.
The future currency of Earth
— Elon Musk (@elonmusk) February 6, 2021
Shortly after that tweet was posted, the price of Dogecoin began climbing. And then some other folks joined in.
Bassist for KISS, Gene Simmons was first to join in, claiming he was the “God of Dogecoin”. On Saturday evening Snoop Dogg tagged Elon Musk in a tweet which feature him as Snoop Doge.
— Snoop Dogg (@SnoopDogg) February 6, 2021
This culminated in what we can only describe as the cursed image below.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
Joking aside, this joking had some serious effects on the price of Dogecoin.
Early on Monday morning the Dogecoin price rose to an all-time high of $0.087159. As of 10:00AM on Monday morning the price of Dogecoin has climbed by 1 225.92 percent compared to this time last year.
Despite all these gains at the weekend, the price did drop on Monday morning to $0.063331 and it remains to be seen whether the gains seen at the weekend will continue.
While it’s all fun and games for the likes of Musk, Dogg and Simmons, we urge our readers to be cautious about investing their money into cryptocurrency. The sector is very volatile and you can end up losing just as much as you win.
Never invest more than you can afford to lose.
One thing we will admit is that watching Dogecoin rise in popularity is way more fascinating and humourous than Bitcoin’s rise was.
[Image – CC 0 Pixabay]