Elon Musk's tweets are just as cryptic and unpredictable as the man himself. Take, for instance, the latest one by the Tesla and SpaceX CEO. Sharing a photo of artwork by Spanish painter and sculptor Joan Miro, the tech billionaire wrote, "Doge barking at the moon". The original painting from 1926 was named "Dog Barking At The Moon". Mr Musk's caption is an ode to the cryptocurrency Dogecoin which has been one of social media's favourite topics of discussion for some time now, thanks mostly to the billionaire's constant tweets about it.
Mr Musk continued tweets on the cryptocurrency seem to be doing the trick as Dogecoin recorded a 68 % jump on Wednesday, according to CoinDesk. As of 11.30 am on Thursday, the value of Dogecoin is $0.13 or nearly 14 cents.
Dogecoin is a form of cryptocurrency that was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer. The digital currency was inspired by a viral dog meme, and like Bitcoin, it offers recourse to the inadequacies of traditional banking systems. It was never meant to succeed and was used and traded for a long time as a joke.
However, earlier this year, the cryptocurrency found favour with tech giants, social media influencers, and bigwigs across industries. Mr Musk has been one of the most ardent supporters of Dogecoin. On February 4, 2021, he wrote, "Dogecoin is the people's crypto." The simple tweet in favour of the digital currency sent its value up by 75%.
The tech billionaire followed this up with another tweet that read, "If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue IMO (in my opinion)." "I will literally pay actual $ if they just void their accounts," he added.
Reacting to Mr Musk's latest tweet, one user wrote, "I hold doge and love the gains, I do see it as a problem though that just from random tweets from a single guy it can drive it so much. Will there be a bubble?"
With Mr Musk's tweets having a considerable impact on the fate of Bitcoin and Dogecoin, it's all eyes on what will happen next in the world of digital currency.
