Tesla King Elon Musk has always expressed his support for the meme cryptocurrency Dogecoin which started as a mere joke in 2013 but turned out to be one of the most popular cryptocurrencies. Thanks to supporters like Elon Musk, whose one tweet is fair enough to send the Dogecoin prices soaring high.
This time also it was no exception; as soon as Musk tweeted that his space exploration company SpaceX will be putting Dogecoin on the “literal moon,” the prices spiked as high as 29%, which is the highest since mid-February. At 6:25 am ET, the Tesla CEO, Elon Musk, published a tweet addressing his 50 million followers that read, “SpaceX is going to put a literal Dogecoin on the literal moon.” Musk first started tweeting about the cryptocurrency on February 4, and since then, its price has been surging, thereby raising concerns over Musk’s ability to move the crypto markets.
However, this is not literally possible as cryptocurrencies do not have any physical existence, and therefore, some people believe that Elon Musk, who is known for his witty tweets, is yet again being sarcastic. But this is not the first time Musk has expressed his desire to put the meme cryptocurrency on the moon; in one of his previous tweets, he shared an image of Shiba Inu (the famous Japanese dog) in a spacesuit planting a Dogecoin flag on the moon’s surface.
Analysts claim that Musk might be hinting at Dogecoin prices soaring high over a long time by his remarks “to the moon.” Dogecoin’s value rose from $0.0540 to $0.066 against all odds, with its market capitalization topping over $8 billion.
Musk’s SpaceX project is also developing systems “the Gateway Project” to return to the moon’s surface by 2024 under a contract with NASA. In August 2020, Space.com published a report announcing that SpaceX’s Starship spacecraft could reach the moon’s surface with NASA payloads as early as 2022. NASA also announced in February that it could be using SpaceX to launch services of its upcoming project ‘Gateway.’