Dogecoin Shoots Up After Elon Musk’s “DOGE Trillionaire” Tweet

Dogecoin shoots up in price along with the growing chances of Elon Musk becoming the first trillionaire ever as we can see more today in our Dogecoin news.

Dogecoin shoots up as well since Elon Musk replied to a UberFacts tweet that said he could become the first trillionaire in the world, and he replied “Yes, In dogecoin.” this became a standard for the crypto space because every time he posts something about this coin, the coin’s price goes up in value. On Friday afternoon, UberFacts Twitter account that has more than 13 million followers tweeted that Elon Musk is predicted to become the world’s first trillionaire thanks to SpaceX.

Elon Musk is predicted to become the world's first trillionaire, thanks to SpaceX

— UberFacts (@UberFacts) October 22, 2021

Seeing this as an opportunity to interject one of his favorite topics, Tesla CEO replied “In Dogecoin.” Musk has more than 61 million followers of his own and racked up thousands of interactions on the platform in less than an hour so as we have seen many times in the past, the market reacted quickly to Musk’s tweets with DOGE’s price jumping about 5% in less than an hour. The price of the leading meme coin is over $0.25 and the coin is up 7% over the past seven days and about 25% over the past month.

Musk is a longtime fan and proponent of Dogecoin and he is known to post all kinds of memes and jokes about the coin. He has called himself the “DogFather” and referenced DOGE on “Saturday Night Live” during his hosting appearance. Musk planned to sell a DOGE-NFT collectible but changed his mind shortly after. Musk is working with the developers of DOGE to try and improve the cryptocurrency while making it a cheaper and more energy-efficient alternative to BTC. The crypto market entered a long slump during the summer and Tesla even announced that it will stop transacting Bitcoin because of the environmental impact of mining.

As recently reported, Robinhood listed Dogecoin as a risk for the company in its Q2 earnings report. Dogecoin alone made up 62% of the crypto revenue for the span. As the DOGE risk grows bigger for Robinhood, it became one of the most volatile cryptocurrencies ont eh market with price swings moving in both directions, influenced by social media sentiment. It has been a huge boon for the crypto and stock trading app so far but the company still thinks it presents a huge risk for business.