Wednesday, May 5, 2021

Dogecoin Price Spikes 20% after Elon Musk Reveals He Bought DOGE for His Baby Son

Elon Musk, the richest man in the world, who is the CEO of Tesla, the electric car manufacturing company, continues to enjoy his jokes with the cryptocurrency that came to existence out of meme, Dogecoin (DOGE).

A while ago, the billionaire took to Twitter to reveal a DOGE purchase for his baby son. After this Tweet, the price of DOGE spiked 20% in the market.

Read Also: Elon Musk’s “DOGE” Tweet now worth $7,777 In Crypto Tokens

Elon Musk Purchases Dogecoin (DOGE) For His Baby Son

The founder of SpaceX is known in the cryptocurrency ecosystem for his somewhat comical comments and support for the Dogecoin (DOGE).

In his recent post in relation to the meme token, he claimed that he just purchased a portion of the coin for his baby son, who is officially named X Æ A-Xii.

Elon Musk tweeted, “Bought some Dogecoin for lil X, so he can be a toddler hodler.”

Elon Musk and his partner the musician Grimes revealed recently that their child will be called “Little X” for short.

So, with the look of things, his son has become the youngest hodler of Dogecoin (DOGE) following dad’s recent purchase.

In the past, Musk’s interactions with Dogecoin had instant effects on the price of the cryptocurrency. Such a scenario has once again played out today. At the time when Tesla’s CEO posted on Twitter, DOGE traded at $0.068. In the following minutes, the altcoin surged by 20% to a daily high of $0.082.

Read Also: Elon Musk Is Sending Dogecoin Back to the Moon with “Who Let the DOGE Out” Tweet

It’s worthy of note that besides DOGE, Musk recently became significantly more supportive of the flagship digital currency, Bitcoin (BTC).

Firstly, he regretted not purchasing any eight years ago, and then news broke that the electric vehicle company that he runs, Tesla, had allocated $1.5 billion in BTC in January 2021.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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