UK markets closed
  • FTSE 100

    7,051.48
    -26.87 (-0.38%)
     
  • FTSE 250

    23,608.79
    -221.39 (-0.93%)
     
  • AIM

    1,266.98
    -5.42 (-0.43%)
     
  • GBP/EUR

    1.1661
    -0.0022 (-0.19%)
     
  • GBP/USD

    1.3681
    -0.0040 (-0.29%)
     
  • BTC-GBP

    30,745.98
    -498.08 (-1.59%)
     
  • CMC Crypto 200

    1,067.20
    -35.86 (-3.25%)
     
  • S&P 500

    4,455.48
    +6.50 (+0.15%)
     
  • DOW

    34,798.00
    +33.18 (+0.10%)
     
  • CRUDE OIL

    73.95
    +0.65 (+0.89%)
     
  • GOLD FUTURES

    1,750.60
    +0.80 (+0.05%)
     
  • NIKKEI 225

    30,248.81
    +609.41 (+2.06%)
     
  • HANG SENG

    24,192.16
    -318.82 (-1.30%)
     
  • DAX

    15,531.75
    -112.22 (-0.72%)
     
  • CAC 40

    6,638.46
    -63.52 (-0.95%)
     

Dogecoin price sky rockets after Elon Musk calls himself ‘The Dogefather’

  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
Elon Musk has frequently tweeted about dogecoin in 2021, resulting in brief price spikes (Getty Images)
Elon Musk has frequently tweeted about dogecoin in 2021, resulting in brief price spikes (Getty Images)

The price of dogecoin has shot up after technology billionaire Elon Musk referred to himself as “The Dogefather”.

The meme-inspired cryptocurrency rose from $0.25 to $0.30 in less than 15 minutes on Wednesday morning, pushing it back towards the record highs that it experienced earlier this month.

Mr Musk, who counts SpaceX and Tesla among his business ventures, hinted that he would speak about dogecoin during his upcoming appearance on Saturday Night Live.

“The Dogefather,” he tweeted to his 52 million followers. “SNL May 8.”

Previous mentions of dogecoin by Mr Musk have caused similar price spikes, leading to speculation that he is under investigation by US regulators for potential market manipulation.

But despite purchasing $1.5 billion worth of bitcoin earlier this year through Tesla, it is understood that he does not have any significant holdings of dogecoin – beyond an unspecified amount that he bought for his infant son “so he can be a toddler hodler”.

Mr Musk has even criticised large holders of the cryptocurrency, claiming that people who hoard large stockpiles of dogecoin are preventing it from becoming a mainstream currency.

In February, he offered to buy out so-called dogecoin whales in order to help transform it into the “currency of the internet” with a more stable value.

“If major dogecoin holders sell most of their coins, it will get my full support,” he tweeted.

“Too much concentration is the only real issue imo. I will literally pay actual $ if they just void their accounts.”

Dogecoin has seen enormous gains in recent months, rising from less than half a cent at the start of the year to a peak above $0.40 on 20 April.

This price rally has at least in part been spurred on by Mr Musk, who frequently shares memes featuring the Shiba Inu dog that inspired the cryptocurrency’s creation.

When asked by one of his Twitter followers earlier this year why he tweeted so much about it, he replied: “I love dogs and memes.”

Read More

Microsoft Teams down: Users around the world faced outages

What’s going on with bitcoin? Cryptocurrency is following price prediction model ‘with astonishing precision’

Man buys Google’s Argentinian web address for £2

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting