Elon Musk Launches Dogecoin To The Moon (Yep, Again - Who's Counting?)

Tesla Inc TSLA CEO Elon Musk has let out more tweets, alluding to the meme cryptocurrency Dogecoin (DOGE).

What Happened: The Shiba Inu-themed cryptocurrency seemed to be on Musk’s mind on Wednesday night when he tweeted a stick figure peering at the moon through a telescope.

Musk also made a possible reference on Twitter to the 1943 best-selling French novella “Le Petit Prince,” which is centered around a young prince who goes on an interplanetary exploration.

See also: How to Buy Dogecoin (DOGE)

When asked by a r/WallStreetBets moderator if his telescope tweet was a work by the artist Pablo Picasso. Musk replied it was a “Doge Barking at the Moon.”

Why It Matters: DOGE inched towards the 15 cent mark on Thursday, touching an intraday high of $0.1425 but simmered down to $0.1381 at press time.

Dogecoin Against US Dollar. A sharp spike is noted midnight ET on Thursday in the aftermath of Musk's latest DOGE tweets. 

The cryptocurrency was trading 25.43% higher in a 24-hour period leading up to press time and rose 125.65% on a seven-day trailing basis.

The impact seems more pronounced relative to Musk's tweets on Wednesday, which didn't seem to immediately alter the Doge course.

Dig Deeper: Why Is Dogecoin Being Succhhhh A Good Boi Right Now?

Since the year began, the meme cryptocurrency has shot up 2,893.3%, which is significantly more than Bitcoin’s (BTC) 115.81% ascent in the same period. BTC traded 2.04% lower at $62,840.98 at press time. 

The latest spike in DOGE’s valuation is driven by high social media interest as the cryptocurrency topped the list of trends on Twitter Inc’s TWTR platform and on Stocktwits.com on Wednesday.

Price Action: Tesla shares closed nearly 4% lower at $732.23 on Wednesday.

Read Next: Cryptocurrency Market Overtakes Apple — The World's Most Valuable Company — In Market Capitalization

Photo by Play Your Place on Flickr

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