Musk Declares “Doge on the Moon,” and the Crypto Meme Takes Flight – Dogecoin (DOGE/USD)

Musk Declares “Doge on the Moon,” and the Crypto Meme Takes Flight – Dogecoin (DOGE/USD)

The richest person in the world today is the CEO of three companies. In addition to running Tesla Inc. TSLA, SpaceX and Twitter, Elon Musk also finds time to be active on Twitter, where he is now the second most followed person.

Known for his continued support of crypto meme Dogecoin DOGE/USDMusk’s comments early Saturday morning could have sparked another rally for the cryptocurrency.

What happened: Dogecoin has a history with Elon Musk that goes back many years. On April 2, 2019, Musk made his first reference to Dogecoin saying it “might be my favorite cryptocurrency. It’s really cool.”

Musk also posted a meme on July 17, 2020 referencing Dogecoin passing the global financial system, captioning it with “It’s inevitable.”

With 2021 being the year of Dogecoin, Musk was one of the cryptocurrency’s biggest supporters, potentially helping it reach all-time highs of $0.7375.

In May 2021, Musk referenced Dogecoin when he hosted an episode of “Saturday Night Live.” Musk appeared in several of the sketches, including as fake financial expert Lloyd Ostertag on “Weekend Update.”

As an Ostertag, Musk’s character asked to be called the “Dogefather” and explained some of the positive aspects of Dogecoin.

“It’s the future of currency,” Ostertag said. “It’s an unstoppable financial vehicle that will take over the world.”

Musk’s character ends the skit by stating “To the mooooon!” supporting a rallying cry for Dogecoin to soar, often used by the cryptocurrency community.

Musk reiterated Dogecoin saying during a Twitter Spaces rally with thousands of live listeners early Saturday morning.

Related Link: If You Invested $1,000 In Dogecoin When Elon Musk Relaunched His $4 Billion Twitter Offering, Here’s How Much You’d Have Now

Why it matters: When Twitter Spaces popped up, Musk may have kicked off a new rally in Dogecoin. The meme cryptocurrency traded higher after Musk completed the acquisition of Twitter for $44 billion. Many believe that Musk will integrate Dogecoin into Twitter’s payment plans and potentially use it in other ways.

“There’s probably a future for Bitcoin, Ethereum and Doge, I can’t really speak to others,” Musk said. “I guess it works well, maybe some of the others do too.”

Musk warned that he is “not the crypto expert” and told listeners not to get carried away with investing in cryptocurrency.

“I mean, don’t bet the farm on Doge, but you know. I work hard on the front of the Doges.

Musk’s appearance on spaces and his comments about working hard on Dogecoin-related articles pushed Dogecoin’s price into double digits early Saturday, and also saw the phrase “Doge to the moon” on Twitter.

Dogecoin’s record price was hit around Musk’s appearance on “Saturday Night Live” in May 2021 when he referenced the cryptocurrency before and during the show.

Although it would take a significant gain to hit all-time highs, Musk’s announcements about integration with Twitter and the continued vocalization of Dogecoin going to the moon by the world’s richest person could lead to another rally for the same room.

Action on Doge’s Awards: Dogecoin is up 9% at $0.09055 at the time of writing. Dogecoin traded between $0.0793 and $0.09399 in the past 24 hours.

Read Next: Bitcoin, Ethereum and Dogecoin Setup in the Weekend After FTX Mess, Bullish CPI Data, This Bullish Pattern

Photo: Created with an image from the Ministério Das Comunicações on Flickr

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