--- title: "Single-Word Elon Musk Tweet Sends Crypto Dogecoin Soaring" description: "Elon Musk posted a meme on Twitter about cryptocurrency Dogecoin. Learn why this caused it to increase in value by a whopping 25%." date: "2021-02-24" modified: "2021-03-03" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/single-word-elon-musk-tweet-sends-crypto-dogecoin-soaring" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Elon Musk" - "Future Society" - "The Industrialists" tags: - "bitcoin" - "cryptocurrencies" - "elon musk" - "the digest" --- # Single-Word Elon Musk Tweet Sends Crypto Dogecoin Soaring ![Tesla CEO Elon Musk took to Twitter early Wednesday morning to post a meme about the alternative cryptocurrency Dogecoin, sending it soaring by 25 percent.]() *\Image: Elon Musk via Twitter\* ## 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]() \[*CNBC*\] ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()