To the ‘literal moon’? Elon Musk SpaceX tweet gives Dogecoin a 35% liftoff

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It could be an April Idiot’s Day prank, however in relation to meme-based cryptocurrency Dogecoin (DOGE), it hardly issues.

DOGE/USD 1-hour candle chart (Bittrex). Supply: TradingvVew

Musk: SpaceX taking Dogecoin to “literal moon”

After a recent tweet from Tesla CEO Elon Musk, DOGE/USD shot up 35% in minutes on April 1, hitting six-week highs.

Musk, newly dubbed the “Technoking” of Tesla, is thought for his tongue-in-cheek Dogecoin publicity, and his antics on Twitter and in interviews have already succeeded in boosting the altcoin’s price.

This time was arguably essentially the most overt instance of “memeing” a cryptocurrency to the moon, nonetheless, as Musk promised that his different firm SpaceX would “put a literal Dogecoin on the literal moon.”

Instantly, Dogecoin started rising, reaching a peak of $0.07 earlier than cooling off however nonetheless retaining the good points.

Having started 2021 at simply $0.004, DOGE’s year-to-date good points as of April 1 stood at over 1,500%.

In a maybe equally unlikely however real transfer, Latvian nationwide provider airBaltic introduced this week that passengers can now book flights using DOGE together with a number of different altcoins. Bitcoin (BTC) has been accepted since 2014.

Greater than empty guarantees?

Musk, in the meantime, has discovered himself in scorching water over his Twitter plugs, with studies rising in February that the mogul was below investigation by United States authorities.

He isn’t the one one to fall foul of the institution for doing so. As Cointelegraph reported, entrepreneur John McAfee was charged with a raft of offenses last month, among which were his daily showcases of various cryptocurrencies on Twitter.

However, it was advertising Dogecoin in particular that got him into trouble, he claimed.

The concept of clamping down on alleged market manipulation stays a sore level amongst many lay buyers in gentle of the Reddit–GameStop debacle, which noticed buying and selling platforms forestall buyers from transacting in a seemingly advert hoc vogue when their buying and selling provoked heavy volatility.