The dogecoin, a cryptomonnaie created as a joke in 2013, has seen its course leap for several sessions, supported by semi-humorous messages from the richest man in the world, Elon Musk. The price of dogecoin, which has fluctuated at less than one cent for most of its history, jumped last week in the shopping frenzy surrounding the GameStop saga and Musk’s messages, to over five cents for the first time last week.
On Sunday, in a post on the invitation-only social network Clubhouse, Musk said his dogecoin posts were « just jokes ».
On Thursday, the boss of Tesla and SpaceX, between two photos of rocket launch on his Twitter account, posted a Photoshop montage of The Lion King where the billionaire wears the famous dogecoin at arm’s length.
« The dogecoin is the crypto of the people », « no up, no down, only the doge, » he added.
A semi-ironic humor that sounds like the tone of the Reddit WallStreetBets forum posts.
Argumentative financial advice and Photoshop montages fuelled the campaign by private investors to ignite the action of the GameStop video game chain, opposing hedge funds and causing panic on Wall Street last week.
Musk’s messages were enough to provoke another dogecoin spike above the 5-cent mark, before the cryptomony backed off Friday to trade at 4.563 cents around 1:45 pm GMT (2:45 pm Belgian time), according to the CoinMarketCap website.
At this price, the capitalization of dogecoin represents 5.9 billion dollars, which would make it currently the 15th cryptomonnaie.