It might be an April Fool’s Day prank, but when it comes to the memes-based Dogecoin (DOGE) cryptocurrency, it hardly matters.
Musk: SpaceX takes Dogecoin to ‘literal moon’
After another tweet from Tesla CEO Elon Musk, DOGE / USD climbed 35% in minutes on April 1, hitting highs in six weeks.
Musk, newly dubbed Tesla’s “Technoking”, is known for his tongue-in-cheek Dogecoin advertising, and his antics on Twitter and in interviews have already been successful in raising the price of altcoin.
This time was arguably the most obvious example of a cryptocurrency “memorizing” on the moon, however, with Musk having promised that his other company, SpaceX, “would put a literal Dogecoin on the literal moon.”
SPACEX TO PUT LITERAL DOGECOIN ON LITERAL MOON
– ELON MUSK (@ELONMUSK) APRIL 1, 2021
Immediately, Dogecoin started to rise, reaching a high of $ 0.07 before settling down, while holding the gains.
Having started 2021 at just $ 0.004, DOGE’s cumulative earnings on Thursday were over 1,500%.
In a perhaps equally unlikely but genuine move, Latvian national carrier AirBaltic announced this week that passengers can now book flights using DOGE, as well as several other altcoins. Bitcoin (BTC) has been accepted since 2014.
More than empty promises?
Musk, meanwhile, found himself in hot water on his Twitter outlets, and reports emerged in February that the mogul was under investigation by U.S. authorities.
He is not the only one to have blamed the establishment for doing this. As TBEN reported, entrepreneur John McAfee was charged with several offenses last month, including his daily showcases of various cryptocurrencies on Twitter.
However, it was the publicity for Dogecoin in particular that got him in trouble, he claimed.
The concept of cracking down on alleged market manipulation remains a sore point among many lay investors in light of the Reddit GameStop debacle, which saw trading platforms preventing investors from trading in seemingly ad hoc ways when their trading caused high volatility.