Elon Musk Admits to Boosting Dogecoin’s Value with a Tweet

On February 22, the CEO of Twitter, Tesla, and SpaceX, Elon Musk, made a short post on Twitter about a dog that significantly increased the value of the meme cryptocurrency, Dogecoin. Within half an hour of Musk’s tweet, the value of DOGE rose by 7%, and there was a weekly increase of almost 2%.

The Dogecoin coin was created on the Litecoin code base, but thanks to Musk’s promotion, it gained popularity and its capitalization now exceeds $10 billion. Musk’s tweet of his Shiba Inu dog named Floki wearing a CEO Twitter sweater caused the quotes of Dogecoin and Floki meme cryptocoins to soar.

“High time I confessed I let the Doge out ” — Elon Musk.

The billionaire regularly supports Dogecoin and argues that the meme cryptocurrency network can process transactions more efficiently than Bitcoin. Musk claims that DOGE is better than bitcoin for payments because transactions are confirmed in just 60 seconds.

However, in January, the CEO of Morgan Creek Capital, Mark Yusko, questioned the value of dog memecoins, stating that they were made as a joke and had no real value.