Elon Musk returns to Twitter and supports Dogecoin, his tweet leads to meme fest

Tesla CEO Elon Musk on February 4 made a triumphant return to Twitter, two days after he had announced that he would be taking a break from the microblogging platform. As Musk ended his vow and sent out a series of Tweets about Dogecoin, the joke-inspired cryptocurrency created in 2013 rose more than 80 per cent on Thursday, according to The Wall Street Journal. “No highs, no lows, only Doge,” Musk tweeted, following which the Dogecoin rose to almost $0.06, and altogether the coins are now worth more than $7 billion. 

As the value of the cryptocurrency surged, Musk also “welcomed” investors with a meme of ‘The Lion King’, imposing the Shiba Inu dog and Musk’s own face. He posted a picture with his face superimposed over Rafiki, holding up the Doge meme which is the logo for the cryptocurrency. The meme was also followed by two more Dogecoin tweets. “Dogecoin is the people's crypto," reads one, while the other says, "No highs, no lows, only Doge”. 

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It is worth mentioning that Dogecoin was created last decade as a spoof on bitcoin. It isn’t easily convertible into other currencies and there are no limits on the number of coins that can be created. However, the renewed focus on the long-ignored cryptocurrency has caught its current volunteer developers and its co-creator off-guard as traders who follow Musk began buying it. 

Apart from the Dogecoin tweets, Musk even retweeted his company SpaceX and shared a video of the Falcon 9’s successful landing on Thursday. In another tweet, he also shared a photo of the SpaceX rocket with the Moon in the background. 

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Musk’s effect on trading markets

Meanwhile, Musk’s recent tweets were not the only time he moved markets on the platform in recent weeks. Bitcoin had surged to above $38,000 on Friday after Musk changed his biography on Twitter to simply “#bitcoin”. The following day, his “support” for bitcoin had also led to a jump in its price. Musk said that "Bitcoin is a good thing" and added that he was "late to the party" in backing the world's biggest cryptocurrency. He also said that Bitcoin is on the verge of getting broader acceptance by conventional finance people and further clarified that he did not have a “strong opinion” on other cryptocurrencies.  

Musk has a record of making market-moving comments on the site. Earlier, GameStop Corp, which has been at the centre of retail trading frenzy, surged 50 per cent after Musk tweet “Gamestonk”, along with a link to the Reddit Wallstreetbets stock trading discussion group. Bitcoin, on the other hand, jumped over 300 per cent last year, as bigger US investors and corporations sought exposure to the cryptocurrency. It also touched an all-time high of $42,000 last month. As per reports, the digital coin is still about 13 per cent off its all-time high but up around 25 per cent since the start of the year. Bitcoin more than quadrupled over the course of 2020, with crypto bulls citing increased institutional investment as a driving force of the rally.

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READ: Price Of Bitcoin Jumps Again As Elon Musk Says The Cryptocurrency Is A 'good Thing'