Single-Word Elon Musk Tweet Sends Crypto Dogecoin Soaring

Dogecoin is headed to the Moon.

Literally

All it took was a single word.

Tesla CEO Elon Musk took to Twitter early Wednesday morning to post a tweet about the alternative cryptocurrency Dogecoin, sending it soaring by 25 percent, as Business Insider reports.

The meme, showing a cartoon of a shiba inu flying a flag that says "doge" and "wow" on the Moon, was captioned by the billionaire with the word "literally." Ten minutes later, Musk followed up with "on the actual moon."

That same morning, Dogecoin's value soared to $0.0537 — or just over a nickel.

Musk Moves

Dogecoin is a different better known cryptocurrencies like bitcoin. For one, there is an unlimited supply of the dog-themed altcoin. It also started as a joke all the way back in 2013 based on the Comic Sans captioned shiba meme — and now it's worth over $10 billion in total.

The billionaire's dogecoin tweets have had a similar effect several times before, according to BI, instances the internet has come to call "Musk moves."

Musk's obsession has turned from simple jokes and memes on Twitter to an entirely new business model over the last couple of months. The news also comes after Tesla bought $1.5 billion worth of bitcoin and announced it will take the digital currency as a form of payment for its cars.

Wow

During an appearance on the audio-based social media platform Clubhouse earlier this month, Musk admitted he didn't have a "strong opinion" on other virtual currencies, as CNBC reported.

"But fate loves irony," Musk added. "The most entertaining outcome and the most ironic outcome would be that dogecoin becomes the currency of Earth in the future."

Investors are paying attention, despite the altcoin's massive volatility. Whether the cash will keep flowing enough to have dogecoin land on the Moon, however, is anybody's guess.

READ MORE: Tweets from Elon Musk and other celebrities send dogecoin to a record high [CNBC]