The founder of Tesla and SpaceX, Elon Musk, joked several times about the Dogecoin cryptocurrency on Twitter, and its price immediately began to grow actively. Over the past week, the price has already risen by 563%.
First, Musk published a photo of the Falcon 9 rocket against the backdrop of the Moon and wrote that this is Doge, the dog from the memes about the pumped-up and small Shiba Inu. The tweet was a reference to the desire of Dogecoin owners to “send the cryptocurrency into space so that its value reaches one dollar.
In the first 15 minutes, the cost of Dogecoin, named after the dog, increased by 19%, and in half an hour by 76%. In just one day, its price increased by 51% and amounted to $0.05 per token.
Realizing his triumph, the entrepreneur published a still from the cartoon “The Lion King”, in which Doge is depicted instead of Simba, and he is held in his arms not by the mandrill Rafiki, but by Elon Musk himself. He signed, “You’re welcome,” and later called Dogecoin the people’s currency.
Members of the SatoshiStreetBets forum on Reddit, a cryptocurrency analogue of the WallStreetBets subreddit, had a hand in the triumphant rise of Dogecoin. They began buying meme tokens en masse, pushing Dogecoin into the top 15 cryptocurrencies by market capitalization.
In early January, WallStreetBets users began buying assets that were considered undervalued. Thanks to them, the shares of the GameStop store chain, which was close to bankruptcy, increased several times.
In February, users called for investing in silver and also contributed to the rise in prices. During trading in the United States, the price of silver futures increased by 11% to $30 per ounce. This is the maximum since 2013. WallStreetBets participants said that the silver market is being manipulated by large financial companies and that rising prices for this asset could harm them.
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