Image via Twitter: @elonmusk

Dogecoin spikes 25% after Elon Musk said it is ‘literally’ going to the moon

Elon Musk is back with more Dogecoin tweets.

Image via Twitter: @elonmusk

Despite losing $15 billion this month after tweeting about Bitcoin, Elon Musk is back with more Dogecoin tweets. This time, he shared an image of the Shiba Inu dog clad in a spacesuit on the surface of the moon.

Elon Musk’s latest tweets:

Dogecoin ‘on the moon’

Musk captioned the post with one word – “Literally” – to insinuate how the cryptocurrency Dogecoin’s stocks are soaring. The image of the dog, which is a popular meme, has a flag with the word “wow” emblazoned it.

He added another tweet saying, “On the actual moon”. The phrase, “going to the moon” is widely known in the trading markets to predict a jump in stock pricing. Following the tweet, Dogecoin spiked by 25%.

As of 17:00 South African Standard Time (SAST), Dogecoin’s trading surged by 23.11% to $0.0581. It’s not the first time Musk influenced the stocks.

Musk’s immense influence

Earlier, as Tesla’s chief tweeted that he bought “the future currency for Earth” Dogecoin for his nine-month-old son, the cryptocurrency’s trading surged by 16%. Bitcoin stock surged when Musk changed his bio to one work: “#Bitcoin”.

Back in January 2021, his one-word tweet – “Gamestonk!” – received (at the time of publishing) more than 47 000 retweets and 250 000 likes, with thousands of people joining into the conversation.

That one tweet cheered on Redditors’ battle against Wall Street, causing GameStop stock to surge even higher. A few days after that, Musk said “shorting is a scam” which is only legal for “vestigial reasons”.

“U can’t sell houses u don’t own, u can’t sell cars u don’t own but u can sell stock u don’t own!? This is bs – shorting is a scam legal only for vestigial reasons”. [sic]

Tesla versus hedge funds

Musk had a similar effect on the stock market back in 2020 when major hedge funds claimed Tesla was massively overvalued. Short sellers were waiting for Tesla stock to plummet to profit off it.

Musk, however, struck back by, yes you guessed it, tweeting about it. Well, he also released a pair of “short shorts” to mock the short-sellers, who ended up losing more than $40 billion while Musk’s wealth tripled. He smugly tweeted:

“Tesla will make fabulous short shorts in radiant red satin with gold trim. […] Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times”.

$15 billion loss after tweet

Musk suffered a loss of more than $15 billion of net worth for his electric car company Tesla when he tweeted that the prices of Bitcoin and the smaller rival Ethereum “do seem high”.

Following the tweet, Tesla’s stock market value dropped by 8.6%, causing the SpaceX CEO to lose his “Richest in the World”. With a total net worth of $183.4 billion, Musk is now the second richest person in the world once again.

Jeff Bezos regained his long-held number one position, now with a total net worth of $186.3 billion. 

Now read: Vladimir Putin ‘interested’ in Elon Musk’s Clubhouse chat