Tesla CEO Elon Musk, who contributed to the surge in the value of Bitcoin with his tweets earlier this month, has posted yet another message in support of the meme cryptocurrency Dogecoin. The billionaire took to Twitter, where he simply wrote, "Dojo 4 Doge", referring to the supercomputer owned by Tesla and the meme cryptocurrency Dogecoin. After Musk's tweet, Dogecoin was trading at 4.28% higher.
Dojo 4 Doge— Elon Musk (@elonmusk) February 21, 2021
Musk has been supporting Dogecoin for quite some time now as recently he asked his Twitter followers to choose the future currency for Earth. he asked them to choose between Dogecoin over all other cryptocurrencies combined. Musk's followers overwhelmingly voted in favour of Dogecoin. Earlier this month, Musk had posted a couple of tweets in support of Dogecoin, one of which read, "Dogecoin is people's crypto." It resulted in an increase in the value of Dogecoin by 50%. Meanwhile, here how netizens reacted after his latest post on Dogecoin.
Musk's enthusiasm for Bitcoin is not surprising as just last month Tesla announced that it has bought cryptocurrency worth $1.5 billion and will soon start accepting the digital asset as a form of payment for its products. In late January, Musk changed his Twitter biography to just '#bitcoin', the stocks of the world’s biggest cryptocurrency jumped as much as 20 percent, triggering a frenzy on social media.
The surge in bitcoin's popularity is also attributed to its success in the stock market, which has skyrocketed in recent years. Just last week, bitcoin, for the first time ever, surpassed the $50,000 mark for a single coin. As of May 2020, there were over 18 million bitcoin circulating the market. Several economists criticise bitcoin over its vulnerabilities, such as rapid fall in value, cyber hack, its use by criminal organisations because of anonymity, etc.