Elon Musk Pulls Off Another Stunt That Raises Dogecoin Price

Tesla CEO Elon Musk pulled off another stunt Thursday that spiked the price of the dog-themed meme coin Dogecoin — the second time in less than a week that the tech billionaire has boosted DOGE prices.

The Cyber Rodeo event in Texas to celebrate the opening of the Tesla factory in Austin kicked off with an awe-inspiring drone show. Surprising a lot of spectators, the tech tycoon slipped the image of the Dogecoin logo into the celebrations, suggesting a nod to the meme coin.

During his speech, Musk also said, "To the moon, indeed," a term often used as a verb to describe a cryptocurrency on a strong upward trend. It has become the war cry of many Dogecoin investors, hopeful that the meme coin would soon achieve a significant rise in its price.

The show almost immediately boosted the price of the dog-themed meme coin. DOGE was trading up 4.34% at $0.1506, with a 24-hour volume of $1,507,170,333 as of 12:58 a.m. ET on April 8, data from CoinMarketCap showed. This is the second time in less than a week that the tech billionaire has positively influenced the price of DOGE.

The first instance happened when the SEC filing showing Musk's passive stake in Twitter surfaced online, which saw Dogecoin's price rocket over 10%. The Tesla CEO later took a place on the board of the micro-blogging social media platform, which again boosted the price of the meme coin.

Dogecoin holders are hopeful that Musk's stake in Twitter would help him push the integration of the meme token. Speculations of the Twitter Dogecoin Tipping Jar feature were rife following Musk's announcement of his 9.2% stake in the social media platform.

Dogecoin is the world's first meme coin and dog-themed one created by software engineers Billy Markus and Jackson Palmer. The open-source digital currency was officially launched in December 2013 and immediately grew a strong community and now has a $20,006,796,611 market capitalization.

Elon Musk is a Dogecoin enthusiast and investor who announced in January that the meme coin could be used to purchase Tesla merchandize.