More recently, Elon Musk has expressed his support for the meme-cryptocurrency that he supports on Twitter.
In an amusing picture shared on his account, an astronaut was seen with a dog in a spacesuit on the moon, which was using the hashtags “DOGE” and “Wow.”
Tesla CEO Elon Musk has used one-word to sum up his opinion of the situation: “Literally.” The term can be interpreted as including the word “rally,” as well as using it in the sense of “literally.” Musk called Dogecoin “the people’s cryptocurrency.”
— Elon Musk (@elonmusk) February 24, 2021
To date, Elon Musk has used his Twitter account to both drive the price of DOGE and Bitcoin higher. Nevertheless, those coins remained in place for just a brief period before reversing.
In earlier Feburary, Tesla disclosed that it had purchased $1.5 billion in Bitcoin with its available cash reserves.