Cryptocurrency for fun dogecoin soars, Elon Musk takes to the game

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Dogecoin, a cryptocurrency created as a joke in 2013, has seen its price jump for several sessions, supported by semi-humorous messages from the richest man in the world, Elon Musk.

The price of dogecoin, which has traded less than a cent for the majority of its history, surged last week amid the buying frenzy that surrounded the GameStop saga and Mr. Musk’s messages, to exceed five. cents for the first time last week.

Sunday, in a message on the social network accessible only by invitation Clubhouse, Mr. Musk had said that his messages on dogecoin were “simple jokes”.

Thursday, the boss of Tesla and SpaceX, between two photos of rocket takeoff on his Twitter account, posted a Photoshop montage of the Lion King where the billionaire carries the famous dogecoin at arm’s length.

“Dogecoin is the people’s crypto,” “no high, no low, only the doge,” he added.

A semi-ironic humor that resembles the tone of the messages on the Reddit WallStreetBets forum.

Argued financial advice and Photoshop rigs fueled the private investor campaign to ignite action on video game chain GameStop, opposing hedge funds and causing panic on Wall Street last week.

Mr Musk’s messages were enough to cause dogecoin to spike again above 5 cents, before the cryptocurrency fell back on Friday to trade at 4.563 cents around 1:45 p.m. GMT (2:45 p.m. Belgian time), according to the CoinMarketCap site. .

At this price, dogecoin’s capitalization is $ 5.9 billion, which would currently make it the 15th cryptocurrency.

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