Dogecoin’s price jumped as high as 35% after Elon Musk tweeted ‘Dogecoin to the Moooonn’ in a Twitter poll on the future of crypto

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Elon Musk. Joe Raedle/Getty Images
  • Dogecoin jumped as much as 35% in 24 hours as Tesla CEO Elon Musk tweeted about the cryptocurrency.
  • The cryptocurrency’s price later dropped again before climbing back to about 25% gains.
  • Year-to-date returns on the meme-based cryptocurrency were about 1,032.91%, according to CoinDesk.
  • Visit the Business section of Insider for more stories.

Elon Musk, chief executive at Tesla and SpaceX, drove the price of Dogecoin cryptocurrency by as much as 35% higher with a series of tweets late Saturday.

The digital currency hit an all-time high of $US0.065448, up about 35% from its 24-hour low of $US0.048356, according to CoinDesk. The cryptocurrency’s price later dropped again before climbing back to about 25% gains.

Year-to-date returns on the cryptocurrency were about 1,032.91%, the site said. The cryptocurrency had a market capitalisation of about $US7.81 billion early Sunday.

Musk on Saturday night posted a Twitter poll, asking his 45.8 million followers to choose “the future currency of Earth.”

He gave two options: “Dogecoin to the Moooonn” or “All other crypto combined.”

The poll resulted in 71.3% of the 2.4 million voters saying that “Dogecoin to the Moooonn” would be the future of currency.


Read more: Investors are flocking to trade Dogecoin and other hot digital tokens on Voyager, a platform with no Robinhood-style restrictions. Its CEO says Bitcoin will hit $US100,000 this year — and shares 3 other cryptocurrencies to watch.

Last week, Musk sent the coin up 59% with another series of tweets, where he called Dogecoin “the people’s crypto.” He’s also boosted bitcoin, and has been a vocal supporter of the Reddit group Wall Street Bets. Dogecoin has benefited from the mania driven by that group.

Just before midnight in California, Musk added another tweet, building off a meme he’d posted last week. On February 4, he posted a drawing ripped from “The Lion King,” with himself as Rafiki, the cartoon monkey, holding up a baby — Simba in the movie, but the Dogecoin dog in Musk’s version.

On Saturday, he added two other monkeys to the scene. They had the heads of Gene Simmons, from the band Kiss, and Snoop Dogg.

Musk said, “So … it’s finally come to this …”