Both cryptocurrencies are reacting to different sentiments made on Thursday, May 13, by Tesla founder Elon Musk.
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The rather simple statement immediately lead Dogecoin to surge upwards by 18%, according toCoinbase.
Tesla founder Elon Musk Announces. Photo: Britta Pedersen-Pool.Source: Getty Images
It is still unclear if Musk was referring to energy consumption, ease of use, or currency suitability.
In any case, one tweet from him these days is enough to dictate the course of any cryptocurrency.
It’s worth noting that dogecoin was nearly worthless at the beginning of the year.
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According toCoinMarketCap.com, it has risen to become the fourth-largest cryptocurrency by market capitalization.
He announced on Twitter that the company’s latest satellite would be known as Doge-1.
Not only that but the whole mission will be paid for in Dogecoin, which is a first.
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As a result, Doge would be the first cryptocurrency to reach space.
It will also be the first meme in space, which is ironic.
This amid growing concerns that mining of the popular cryptocurrency may have detrimental effects on the environment.
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The stock fell by thousands of dollars just minutes after Musk posted his tweet.
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