Elon Musk Tweets Dogecoin To the Moon: The Meteoric Rise of an Unknown Cryptocurrency

Elon Musk has continued his Tweet-stream of support for Dogecoin — with another post sharing a photo carrying the cryptocurrency to the moon with Gene Simmons and Snoop Dogg. He was recently seen out in West Hollywood and continued to share his accolades for Dogecoin.

Is it possible Dogecoin is what Elon likes to drunk-tweet?

So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF

— Elon Musk (@elonmusk) February 7, 2021

At the time of writing this, Dogecoin is currently trading at $0.060558.

Dogecoin has received backing from Elon Musk and others in a wild frenzy, causing the coin to rally up to $0.078 and swing wildly amongst various cents since the beginning of 2021.

Whether Dogecoin or GameStop, this year of investing has had a fair amount of ups and downs, with trades going left, right, sideways and in-between. Allowing the retail investor ease-of-access to stocks through apps like Robinhood has allowed many individuals at home during the pandemic to cause many unforeseen events to occur in the financial sector.

What Is Dogecoin

Dogecoin was started by software engineers Billy Markus and Jackson Palmer and has a Shiba Inu dog face as the “Doge” meme logo. Its initial release was seven years ago, in December of 2013, and a block reward is 10,000 Dogecoins as of February 2018 — starting with 100 billion coins in production.

The Dogecoin ticker symbol is DOGE, and 127 billion coins are in circulation.

Will Dogecoin Reach the Moon with Elon Musk as Pilot?

As cryptocurrencies come and go and rise and fall, the pump-and-dump schemes will continue amongst the tremendous competition.

Without backing by gold, the entry into the cryptocurrency market isn’t as steep as one might think — so I believe we are at the very beginning of cryptocurrency empires popping up and disappearing.

Whether Dogecoin will remain at the forefront of cryptocurrency thought is anyone’s guess, but for now, the Dogecoin love train continues.

Are you investing with Elon in Dogecoin?

Update: I purchased 10,618 Dogecoins for $650 at the time of Elon Musk’s tweet during the night, and sold all shares for $752.37 at 12:10 PM for a $102.37 or 15.7% gain.