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Dogecoin rockets again after another cryptic Elon Musk tweet mentioning the Dogefather

Dogecoin is once again on a rise after a tough last week, and Elon Musk has made it possible again with his cryptic tweet.

twitter-logoIndia Today Tech | April 29, 2021 | Updated 13:14 IST
Elon Musk
Musk’s tweet came just days before his Saturday Night Live appearance.

Highlights

  • Elon Musk tweets before his SNL appearance.
  • Dogecoin price rises again with Musk's tweet.
  • Musk scheduled to appear on SNL on May 8.

Dogecoin is once again on a rise after a tough last week, and it's the same man making it possible. Tesla chief Elon Musk referred to himself as Dogefather in a cryptic tweet on Wednesday, leading to a 30 per cent hike, cryptocurrency's highest in past 10 days. Dogecoin was further up by almost 8 per cent on Thursday morning. Its price has reached 24 rupees after falling below under 18 rupees over the last week.

Musk's tweet came just days before his Saturday Night Live appearance. He is scheduled to appear on the show on May 8. The Dogefather SNL May 8," Musk tweeted, leading to the latest surge in Doegcoin price. There is a strong buzz around the cryptocurrency with Musk expected to talk about it on television.

A lot of people expect the Dogecoin price to further boost after his appearance on the popular TV show. This isn't the first time Musk has tweeted about the crypto token. The billionaire in February published a one-word tweet that sent dogecoin up by 25 per cent in minutes. In March, he posted another tweet saying his space exploration company will put dogecoin on the "literal" moon, causing it to jump per cent.

The cryptocurrency was literally started as a joke in 2013 but has become very popular among investors.

Musk has inspired many to invest in it as well. A 33-year-old Los Angeles resident recently shared his story through a YouTube video, claiming that he became a Dogecoin millionaire on April 15. Glauber Contessoto shared a YouTube video where he revealed that he had invested over $180,000 in Dogecoin when its price was about $0.045 cents in February.

He confirmed his millionaire status on Reddit by sharing a screenshot of his holdings on Robinhood. "Hey guys I just became a Dogecoin millionaire," he wrote, attaching the screenshot.

Contessoto, who works in the music business, said that Elon Musk was a key inspiration behind his decision. He claimed in his YouTube video that the Tesla boss owned about a third of the Dogecoins in circulation.

The 33-year-old said that he strongly believes in the potential of Dogecoin, and it can help him build wealth for his family. He said that he took a huge risk to buy Dogecoin by using all his savings and sales from his shares of Tesla and Uber and that he invested on margin from Robinhood.

The crypto has found other backers in rapper Snoop Dogg, and Kiss member Gene Simmons.

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