Cryptocurrency dogecoin has an important fan \u2014 Elon Musk, who has 45 million followers on Twitter and more money than any other person on the planet. A series of tweets Musk sent overnight sent the Bitcoin rival up more than 50% in trading Thursday.The first in a series of tweets was only one word: \u201cDoge.\u201d That was followed by other tweets hyping the currency, which was trading at 5 cents early Thursday, up from about 3 cents before his tweets.\u201cDogecoin is the people\u2019s crypto\u201d he said in a follow-up tweet.\u201cNo highs, no lows, only Doge,\u201d he tweeted later.This isn\u2019t the first time his Twitter attention to Dogecoin has sent shares soaring. On December 20, a tweet in which he said, \u201cOne Word: Doge,\u201d sent the value up 20% and made it a trending topic on Twitter.Musk has previously said his tweets about Dogecoin are \u201cmeant to be jokes.\u201d The virtual currency, which originally started as an internet parody based on a viral dog meme, surged last week thanks to hyped-up Reddit users before plunging over the weekend.Musk had previously been critical of more established and far more expensive cryptocurrency bitcoin, calling it BS in some tweets. But in an interview Sunday on social app Clubhouse, Musk said he should have bought the digital currency eight years ago.\u201cI do at this point think bitcoin is a good thing. I\u2019m late to the party, but I am a supporter of bitcoin,\u201d he said.Dogecoin is an open-source digital currency, completely decentralized and anonymous. The coin was created on the basis of Litecoin\u2019s protocol back in 2013.The Dogecoin project was originally introduced as a \u201cjoke currency\u201d based on a meme depicting a Shiba Inu dog. The idea behind the coin was to create a fun, friendly project that could reach a large audience and\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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