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Dogecoin surges 10% after Elon Musk says SpaceX would put it on the moon

The โ€˜memecoinโ€™ seems to have won over the heart of the Tesla CEO and he had to shill it on April 1.

Dogecoin surges 10% after Elon Musk says SpaceX would put it on the moon

Cover art/illustration via CryptoSlate

Dogecoin surged over 10% after Elon Musk tweeted about taking the cryptocurrency to the moon.

โ€˜To the moonโ€™ is a popular term used in crypto and amateur investing circles to describe an asset in a strong uptrend that seems to never stop going upward, i.e. to the moon. Every crypto community member hopes their own bag would eventually reach the moon someday, but Muskโ€™s taking it a step ahead: he wants to put an actual Dogecoin on the actual moon, 384,400 km away from Earth.

Dogecoin to the moon

โ€œSpaceX is going to put a literal Dogecoin on the literal moon,โ€ said Musk in a tweet. SpaceX is one of Muskโ€™s companies and is involved in rocket building and space exploration.

The tweet incited a flurry of trading activity on Dogecoin, which immediately pumped in the minutes afterward. It pumped like a literal rocket from $0.0540 to $0.066, breaking through any local resistances.

Dogecoin rocket. Image: TradingView.

The surge meant Dogecoin now sits on a market cap of over $8 billion with a circulating supply of 129 billion. โ€œInvestorsโ€ who happened to pour their funds into DOGE made over 3,434% over the past year, and over 23% over the past week.

For Musk, the tweet was one of the many Dogecoin-related snippets he has put out in the past year. He once said it was the โ€˜future currency of Earthโ€™ and even said he had accumulated a stack for his nine-month-old son.

Who knew the DOGE would live to see this day?

(Happy April fools! Muskโ€™s tweet is likely an April Foolโ€™s Day prank. He has, however, called Dogecoin the future currency of planet Earth, so who knows?)