Dogecoin Price Shoots Up on Elon Musk's 'To The Moon' Tweets

Tesla CEO Elon Musk has just tweeted about Dogecoin three times, sending its price up 20% in the last hour. One Dogecoin is now worth $0.047, up 50% in the last day, and 540% in the last month.

Musk started by tweeting a picture of a rocket shooting past the moon (not particularly far off his typical subject matter) but followed it up with a tweet that said "Doge." He appears to be referencing the common cryptocurrency meme of sending a coin's price to the moon—or skyhigh. And certainly, his tweet has helped in that matter.

Dogecoin's price has been incredibly volatile in the past week. Known for seeing sudden spikes and dumps, Dogecoin saw its biggest pump yet when Telegram groups and other groups inspired by the Wall Street Bets movement started pumping its price, trying to get it to the distant $1 mark. Its price rose as high as $0.08 (when Only Fans star Mia Khalifa threw her money in) only to crash as low as $0.02 shortly afterwards. Since then, its price recovered somewhat until today's pump.

Musk has also removed the mention of Bitcoin from his bio, leaving it blank for now. When he added it, it spiked Bitcoin's price by $6,000, kicking off a new bullish wave of momentum. But removing it had little to no effect.

Musk followed up his tweets by saying, "The most entertaining outcome is the most likely."

This is the same thing he expressed in a recent clubhouse event, where he noted that "fate loves irony,” pointing out that “the most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the “currency of earth in the future"

Shortly after his first tweets and Dogecoin's initial pump, Musk then tweeted an image of the scene from the Lion King where Rafiki holds up a young Simba. Only it was doctored to show him holding up a young Dogecoin. He added, "ur welcome."

After this, Musk added a few more tweets: "Dogecoin is the people’s crypto," "No need to be a gigachad to own" and "No highs, no lows, only Doge." The tweets are quickly getting a lot of exposure, with the first of these tweets seeing some 30,000 retweets in just 15 minutes.

However, he said at the clubhouse event he clarified that his tweets are meant to be taken as jokes. But then again, he also said he was taking some time off Twitter.

Please note: This article has been updated with Musk's latest tweets—and will continue to be updated if he continues.