Musk’s fan base immediately recognized the tweet as an endorsement of the cryptocurrency Dogecoin and as a cryptic jab at the SEC who previously stripped him of his position of his Tesla Chairmanship for tweeting about taking the company private at $420 a share.
Originally launched as a joke during the crypto hype of early 2013, has today surpassed all-time high; growing by exactly 420.29% in under 24 hours, according to a data analytics platform CoinMarketCap.
This isn’t Elon’s first expression of interest in Dogecoin.
In December last year, the Tesla CEO tweeted “One word: Doge” sending the cryptocurrency up 20% overnight.
Prior to that, his July tweet caused a 14% spike in the digital currencies price.
The CoinMarketCap Head of Listings, however, in a conversation with Benzinga has warned traders about possible ramifications following a call to buy Dogecoin in a Reddit group that caused the recent price spike:
“It bears mentioning that all of this takes place against a discernible shift in the cultural milieu, one where WSB has become emblematic of a grassroots Reddit movement that seeks to repudiate the entrenched interests and ossified power structures of WallStreet.
With his ‘Gamestonk’ tweet, Elon Musk — himself the subject of legal entanglements with the establishment (SEC) and erstwhile self-proclaimed Dogecoin CEO — has not only added rocket fuel to ignite Doge’s price action on a SpaceX mission to the moon, but also a offered a familiar face for ‘Robinhood traders’ to coalesce around.”