Elon Musk's Twitter Break Lasted Only Two Days, He is Back With a Dogecoin Meme

Tesla CEO Elon Musk's Twitter break is over.

"Off Twitter for a while," Musk informed his 45 million Twitter followers on Tuesday. Less than 48 hours later, Elon Musk is back on the microblogging site to do Elon Musk things-- share memes and send stocks flying.

This time, Musk shared a photoshopped meme of himself from the movie The Lion King. The meme shows Musk as Rafiki, the old baboon holding Simba except the Simba here is Shiba Inu, the Dogecoin mascot. "Ur welcome," he captioned the meme.

Posted on Thursday noon, the tweet has garnered over 50K tweets under an hour.

In another tweet, Musk simply wrote "Doge", while replying to his another tweet that depicted a rocket flying past the moon.

Then he tweeted a few more.

No laughing Stock

His not-so-wordy tweets and meme has sent the meme-cryptocurrency Dogecoin soaring with a 25% rise. A report in cointelegraph noted that Dogecoin saw a leap from $0.04 to $0.058 and subsequently witnessed a 100% rise in its trading volumes.

Musk has earlier tweeted a digital magazine cover featuring a dog in apparent support of a digital currency Dogecoin. Shares of DogeCoin along with an additional push from Reddit recorded a never-seen-before jump.

Dogecoin, much like Bitcoin, is a digital coin used for e-transactions. Doge is a reference to the 'doge' meme and has a picture of the shiba inu on it. It is a cryptocurrency, a form of digital money that, much like bitcoin, enables peer-to-peer transactions across a decentralized network.

Since its creation, Doge has also been used to donate money to charities. These have included the 2014 Jamaican Bobsled team who couldn’t afford to get to the Sochi Winter Olympics, a Nascar driver named Josh Wise, and a clean water project in Kenya called Doge4Water.

At the peak of the meme's popularity in 2013, Palmer, an Australian marketer, made a joke combining two of the internet's most talked-about topics: cryptocurrency and Doge. He bought the Dogecoin.com domain and uploaded a photoshopped Shibe on a coin.

Dogecoin now happens to join the elite of list of stocks that Musk has pumped in the past few weeks of 2021.

Elon Musk's update in his Twitter bio saw bitcoin prices soaring handsomely. Musk's support for the messaging app 'Signal' led to users migrating thereby such large numbers that the app temporarily crashed. Online retailing platform Etsy's stock jumped 9% right after Musk tweeted: "I kinda love Etsy". He said he bought a "hand knit wool Marvin the Martian helm" for his dog. Reddit's r/WallStreetBets forum grabbed Musk's attention too when he tweeted "Gamestonk!!"