Billionaire entrepreneur Elon Musk, who has 45.2 million followers on Twitter, has been highly involved in the recent GameStop frenzy, tweeting about specific companies and cryptocurrencies and helping their prices soar.
After two days of saying he was taking a “break” from Twitter, Musk started tweeting again last night, mentioning the cryptocurrency Dogecoin several times, causing Dogecoin to jump 60 percent on Thursday.
Dogecoin, based on the popular network Meme, jumped 67.99 percent to $0.054496, according to blockchain and cryptocurrency website Coindesk.
Musk first tweeted “Doge” after posting a picture of a rocket landing on the moon, followed by “Dogecoin is the people’s cryptocurrency,” he tweeted.
Following comments on his Twitter account about GameStop, Etsy and CD Projekt, the shares of those companies have jumped. Some of these stocks had been heavily shorted.
“I’ve become a fan-factor, a destroyer of shorts,” Musk tweeted.
On Friday, he added “#bitcoin” to his Twitter autobiography to get the biggest cryptocurrency to take off again. He has since removed the hashtag.
Dogecoin, with The Japanese Shiba Inu logo, was originally a joke, created mostly as a satire on the 2013 crypto craze, but can still be bought and sold on digital currency exchanges.
It often makes a comeback in the midst of the cryptocurrency craze, and there are always individuals promoting it on social media. Last week, it spiked again after Carole Baskin, one of the stars of Netflix’s Tiger King, talked about Dogecoin in an online video.
Meanwhile, the cryptocurrency Ethereum is setting new records as investors are buying it ahead of its futures launch next week on the Chicago Mercantile Exchange.
Ether rose to a record high of $1,698.56 in early London trading before giving up some of its gains and falling 2.7%. Bitcoin, the most popular cryptocurrency, also fell 1.2 percent to $37,184.
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