Why Elon Musk decided to tweet dogecoin early Sunday morning is unknown. But the small cryptocurrency rose 20% after the Twitter jokes from the CEO of SpaceX and Tesla (Tesla shares - TSLA ticker). Musk has also initiated a dialogue with MicroStrategy CEO and well-known bitcoin supporter Michael Saylor.
Musk continues to joke about Dogecoin and Bitcoin. Will Tesla invest its reserves of value in cryptocurrency?
At 9:30 UTC on Sunday morning, Musk took to Twitter and wrote to his 40 million followers: "One word: Doge." DOGE immediately jumped to $ 0,0047 from a previous base of $ 0,0039, hitting a record price of $ 0,0052 on Monday, the highest score since the beginning of July.
At press time, the cryptocurrency has partially retraced its steps, stopping at a value of $ 0,0044. Musk has also launched a series of funny - and often bold - tweets about bitcoin (BTC).
One of these, classified in the R category, received a response from Saylor, the CEO of MicroStrategy who has famously invested his company's reserves of value in bitcoin. Saylor pointed out to Musk the effects of an eventual conversion of Tesla's balance sheet from USD to BTC, which could bring shareholders $ 100 billion. And if other companies in the S&P 500 followed suit, there could be a $ 1 trillion profit over time, he wrote.
Musk immediately replied: "Are large transactions also possible?" To which he received a response from Saylor who exposed his investment strategy, purchasing over $ 1,3 billion in BTC in recent months, offering to share his playbook with Musk offline, "from a rocket scientist to other".
This exchange between billionaires obviously sparked comments from others, including that of Changpeng Zhao, the CEO of the cryptocurrency exchange Binance better known as "CZ". But neither Musk nor Saylor have responded since.
Dogecoin in the sights of Elon Musk
Dogecoin, a meme-based cryptocurrency, had already made headlines in July after TikTok users embarked on a dedicated campaign to push the price of DOGE above $ 1. Tweeting about dogecoin is nothing new for Musk.
The billionaire inventor has called dogecoin his "favorite cryptocurrency" in the past, as well as temporarily taking the "CEO of Dogecoin" label in his Twitter account bio. On Sunday morning, Musk's account had the label "Former Dogecoin CEO" in the bio. According to the latest available data, dogecoin has achieved a total market capitalization of $ 588 million, for OnChainFX.
