Dogecoin Price Today: Elon Musk Tweet Gives 20% Boost to Meme Coin After Mocking Bitcoin

Dogecoin Price Today: Elon Musk Tweet Gives 20% Boost to Meme Coin After Mocking Bitcoin
Tesla CEO Elon Musk boosted Dogecoin value anew on Friday with tweets trolling Bitcoin bulls, including Twitter CEO Jack Dorsey. Photo : Britta Pedersen-Pool/Getty Images

Tesla CEO Elon Musk boosted Dogecoin value anew on Friday with tweets trolling Bitcoin bulls, including Twitter CEO Jack Dorsey.

Dorsey tweeted a planned initiative to strengthen Bitcoin awareness among business entities and institutions with an online event tackling the world's top cryptocurrency called "The B Word," Business Insider reported.

In his tweet, Dorsey expressed the need to "protect and spread what makes #bitcoin open development so perfect."

Musk then commented, tongue-in-cheek, "Bicurious?" before further saying, "Oh right...Bitcoin haha."

Dogecoin Value Skyrockets 20% Higher After Elon Musk Promotes Dogecoin, Trolls Dorsey

His apparent trolling propelled his pet crypto Dogecoin 20 percent higher in the last 24 hours to $0.27, according to Forbes, with supporters of the meme coin cheering on the self-proclaimed "Dogefather" in this Twitterstorm, Business Insider further noted.

Bitcoin, on the other hand, fell 1.57 percent to $31,711, Bloomberg said.

Another Elon Musk tweet that boosted Dogecoin prices was his response to the meme-coin cofounder Billy Markus, who shared his belief that the Joke coin is "at its best when it's funny." Musk responded with a beer glass emoji signifying his agreement to the sentiment. 

Read Also: Dogecoin Price Boost: Elon Musk Tweets 'Space Race' vs. Bitcoin in Support of Meme Crypto

Elon Musk Accepts Jack Dorsey Invitation

For what it's worth, Dorsey replied to Musk, himself commenting tongue-in-cheek, saying it's "Bizarre!" suggesting what the "B Word" stands for. He then continued inviting Musk to the event so they could have a "conversation" for the South Africa mogul to "share all (his) curiosities".

Musk then reacted, "Lmfao omg" before eventually accepting Dorsey's invitation, "For the bitcurious? Very well then, let's do it," Forbes posted.

Musk also tweeted about Bitcoin believers, posing the question, "How many Bitcoin maxis does it take to screw a lightbulb?" Giving an impression that these Bitcoin bulls are too serious, he said, "That's not funny! - Bitcoin maxis."

Musk was among those behind the cryptocurrency boom, but he has been getting the ire of Bitcoin supporters as he caused a major drop in the cryptocurrency's value since canceling the token as a payment option in purchasing Tesla cars due to fossil fuel use in its  mining.

It is really hard to determine if Musk's tweets were entirely in jest, but his strong influence in cryptocurrency prices has been further validated with Dogecoin's price behavior--although most of the surge of the meme coin's value came before Musk's tweets.

Elon Musk's Tweets Have Led to Dogecoin Price Surges

Musk's previous tweet about closely collaborating with Dogecoin developers on improving "system transaction delivery" led it to a 30 percent increase in value for the meme-based coin.

Musk also previously locked horns with Bitcoin supporters about placing the first literal cryptocurrency on the moon. Musk, who is also CEO of SpaceX, revealed his plan in April of bringing a "literal Dogecoin in the literal moon." Crypto exchange Bitmex responded in a blog post, saying that it plans to beat Musk by placing Bitcoin on the Moon later this year with the help of space robotics company Astrobotic Technology. Musk reacted by saying, "A new space race has begun."

Interestingly, a new asset called Shiba Inu (SHIB), which is a meme of a meme token, went swinging in and out of positive territory after Musk referenced it jokingly in a tweet, MarketWatch reported. SHIB is now trading one percent highter.

Related Article: Dogecoin Investment Boost: Meme Coin Gets New Support Despite Latest Decrease

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