Elon Musk is now, apparently, the Dogefather. Dogecoin DOGEUSD, + 13.62% soared 32% in the early hours of Wednesday morning after billionaire Musk tweeted “The Dogefather” at 2am EST, a sign of Musk’s strange power over the Doge community, and another example of the volatile digital currency. You can make big moves with just one inscrutable tweet from a celebrity.
Doge, which started out as a crypto joke inspired by an internet meme featuring a shiba inu dog, has seen a nearly 8,000% increase in value in 2021, thanks in large part to celebrities like Musk who have given wry love to it. what was it. once a virtually useless digital token. Musk, the self-proclaimed Tesla Technoking Imperator of Mars and father of her 11-month-old son X Æ A-Xii, has had a lot of fun using his massive social media followers to drive up the price of Doge. On April 1 he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the price of the coin “to the moon.” While Wednesday’s midnight tweet did not mention Tesla’s TSLA, a -0.94% quarterly profit result that sent stocks plummeting in after-hours trading despite announcing a 70% rise in sales figures, Musk promoted his May 8 concert on Saturday Night Live. Showbiz promotion aside, Wednesday’s corresponding Dogecoin move appears to have been one of Musk’s most effective joke moments. Doge devotees have publicly set a target of $ 1 per coin in 2021, a number that may seem extremely modest at first glance, but not when viewed through the prism that Doge traded at $ 0.005 on the final day of 2020. For those fans, otherwise. Silly tweets like Musk are the equivalent of a fundamental bullish market signal. On r / CryptoMoonShots, a Reddit board dedicated to cheaper cryptos with the so-called “to the moon” potential, users gave Musk the reception he was looking for. Everyone knows what happens when Elon Musk tweets. We all make money, ”posted a user early Wednesday. “This is how it is. This is how it has always been and will probably remain that way, Lol.” But some writers and cast members of SNL have made it clear that they do not want to participate in Musk’s appearance on their show in the wake of the strange comments he has posted on social media about COVID-19, the antics of the millionaire billionaire general and a perceived penchant for online bullying. As is his custom online, Musk has made it clear that he is ready to tweak his SNL critics, tweeting “Let’s find out how alive Saturday Night Live is” on April 24. But while Musk’s online disruption routine has yet to lose him his SNL and pushed Doge a third of the way toward his goal, one of his IRL foils might not be as patient as he was entertained by his recent tweet. When asked on Twitter about the Securities and Exchange Commission’s role in overseeing approvals for its Starlink satellite network, Musk responded Tuesday: “They have an important role to play in protecting the public from being scammed, but sometimes they are too close to Wall Street Hedge Funds in my opinion. ” Musk’s tweets have gotten him in trouble with the SEC before and he managed to escape without significant burns, but that was under former Commissioner Jay Clayton, and he has yet to tangle with newly installed Wall Street Sheriff Gary Gensler. But that didn’t stop The Dogefather from offering Gensler some free advice on how to run the SEC. “It is strange that they are not taking more action in some of the SPACs.”