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

It could also be an April Fool’s prank, however in terms of meme-based cryptocurrency Dogecoin (DOGE), it hardly issues.

DOGE/USD 1-hour candle chart (Bittrex). Source: Tradingview

Musk: SpaceX taking Dogecoin to “literal moon”

After a contemporary 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 worth.

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

Immediately, 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 Thursday stood at over 1,500%.

In a maybe equally unlikely however real transfer, Latvian nationwide service AirBaltic announced this week that passengers can now guide flights utilizing DOGE, together with a number of different altcoins. Bitcoin (BTC) has been accepted since 2014.

More than empty guarantees?

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

He isn’t the just one to fall foul of the institution for doing so. As Cointelegraph reported, entrepreneur John McAfee was charged with a raft of offences final month, amongst which had been his every day showcases of assorted cryptocurrencies on Twitter.

However, it was promoting Dogecoin particularly that received him into hassle, he claimed.

The idea of clamping down on alleged market manipulation stays a sore level amongst many lay traders in mild of the Reddit GameStop debacle, which noticed buying and selling platforms stop traders from transacting in a seemingly advert hoc trend when their buying and selling provoked heavy volatility.