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'Snoop Doge': Elon Musk's Tweet Has Dogecoin Stock and Memes Soaring

'Snoop Doge': Elon Musk's Tweet  Has Dogecoin Stock and Memes Soaring

Elon Musk was back on Twitter after a break of 48 hours and soon Dogecoin values soared by over 44%.

Elon Musk is back on Twitter after his break that lasted no more than 48 hours. And first thing he did after the break was to send the Dogecoin value soaring, all with a one-word-long cryptic tweet. In one tweet he shared the picture of a moon propelled towards the moon and in next tweet just wrote "Doge".

That was enough to get the Dogecoin value soaring by over 44%.

ALSO READ: Elon Musk's Twitter Break Lasted Only Two Days, He is Back With a Dogecoin Meme

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In fact, his first tweet after the break was a Dogecoin meme itself which showed him as as Rafiki, the old baboon holding Simba except the Simba here is Shiba Inu, the Dogecoin mascot.

Dogecoin, much like Bitcoin, is a digital coin used for e-transactions. Doge is a reference to the 'doge' meme and has a picture of the shiba inu on it. It is a cryptocurrency, a form of digital money that, much like bitcoin, enables peer-to-peer transactions across a decentralized network.

Since its creation, Doge has also been used to donate money to charities. These have included the 2014 Jamaican Bobsled team who couldn’t afford to get to the Sochi Winter Olympics, a Nascar driver named Josh Wise, and a clean water project in Kenya called Doge4Water.

After Musk's recent tweet on Dogecoin, the Dogecoin memes are back on Twitter to hail Musk and his initiatives. Take a look at some of the memes.

At the peak of the meme's popularity in 2013, Palmer, an Australian marketer, made a joke combining two of the internet's most talked-about topics: cryptocurrency and Doge. He bought the Dogecoin.com domain and uploaded a photoshopped Shibe on a coin.

Dogecoin now happens to join the elite of list of stocks that Musk has pumped in the past few weeks of 2021.

first published:February 04, 2021, 16:46 IST