Elon Musk, Snoop Dogg and Gene Simmons send joke cryptocurrency Dogecoin soaring | Science & Tech News
After weeks of frenzied stock market memes and investments spurred on by social media site Reddit and billionaire Elon Musk, a new sign is rising: the joke cryptocurrency Dogecoin.
The cryptocurrency, launched at the height of the Doge’s popularity in 2013, achieved a record rating when celebrities tweeted about it – albeit only $ 0.08 per coin, or a little less than six pence.
Some recent news from Elon Musk mentioned the joke token, which on Jan. 27 was worth around $ 0.007, meaning its value has increased more than 1,000% in just a few days.
Gene Simmons of the rock band KISS also recently tweeted about Dogecoin, claiming to have made “a big position” in the cryptocurrency, while rapper Snoop provided Dogg Musk with an album picture of the rapper’s face obscured by a Shiba Inu.
I do not and I do not recommend but yes I bought a large position in Dogecoin. And yes, I am a hodler. FUM.
– Gene Simmons (@genesimmons) February 4, 2021
While the celebrities have apparently been kidding, the perceived investment opportunity might encourage inexperienced investors to lose money.
It is the newest asset that is getting skyrocketed due to the attention of celebrities and retail investors.
The financial markets were rocked by in January a battle initiated by ordinary people against those usually referred to as market manipulators – hedge funds – which are initially associated with an increase in the share price of GameStop.
During the company’s rally, Mr. Musk was busy again trying to ruin some short-selling hedge funds.
The billionaire, who in the past has often railed against hedge funds to lower the price of Tesla stock, tweeted “Gamestonk !!” and linked to the Reddit forum where activist investors gathered.
It comes as the original cryptocurrency Bitcoin jumped more than 10% to a record high after Tesla said it had invested $ 1.5 billion (£ 1.09 billion) in the cryptocurrency and would soon accept it as payment for its cars.
By disclosing the investment in a regulatory filing, Bitcoin surged more than 12% to over $ 44,000 on Monday, ten days after Musk raised the price of the electronic currency by adding a “#bitcoin” tag to its Twitter page.
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