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Elon Musk Can't Stop Tweeting About Dogecoin and Meme Cryptocurrency's Volatile Price is Proof

Image credits: Elon Musk/Twitter.

Image credits: Elon Musk/Twitter.

While the 'Musk effect' is now becoming a common Internet slang, this isn't the first, second or even third time Elon Musk has tweeted about Dogecoin, raising its prices.

It's official - Elon Musk is obsessed with dogecoin.

The Tesla CEO and SpaceX chief may just have inflated the prices of stocks again, and it's the Internet's favourite currency, Dogecoin.

Late on Sunday night, the billionaire posted yet another tweet about the meme cryptocurrency, simply saying 'Dojo 4 Doge.'

Dojo, which he refers to in the tweet is a supercomputer owned by Tesla. In November 2020, Musk had first referenced it in a tweet. A news report on the computer explains the purpose of it: "Dojo will be used to label the data Tesla receives from the vehicles with cameras that Tesla has on the road. If a user allows, Tesla can pull video data from thousands of cars and use it for artificial intelligence training. For now, much of this is done by humans who verify that the computer sees the right thing, or make corrections if the computer is confused. Dojo is slated to be used to automatically label petabytes of 4D data."

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After Musk's latest tweet, DOGE was trading 4.28% higher at $0.056. The apex cryptocurrency Bitcoin (BTC) was up 4.19% at $57,523.69, after hitting another all-time high earlier in the day.

While the 'Musk effect' is now becoming a common Internet slang, this isn't the first, second or even third time Elon Musk has done this.

Musk who has been consistently tweeting about the meme cryptocurrency for a while led to the all-time-high $0.065448, up about 35% from its 24-hour low of $0.048356, according to CoinDesk in early February. The cryptocurrency's price later dropped again before climbing back to about 25% gain. The Shiba Inu-themed digital coin had then surpassed 8 cents for the first time, just a week after crashing to 2.5 cents and sparking an outcry on Reddit.

Just last week, Musk said that he supports major holders of the meme-based digital currency Dogecoin selling most of their coins, adding that he felt too much concentration in Dogecoin was the “real issue”.

"If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo," he said in a tweet. But that wasn't all - he offered to pay 'actual dollar' for it.

Musk had also recently posted a Twitter poll, asking his 45.8 million followers to choose "the future currency of Earth." He gave two options: "Dogecoin to the Moooonn" or "All other crypto combined."

The poll resulted in 71.3% of the 2.4 million voters saying that "Dogecoin to the Moooonn" would be the future of currency.

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