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Business

Dogecoin spikes after Elon Musk says he bought some for his infant son

By
Noah Manskar
Published Feb. 10, 2021, 11:46 a.m. ET

Elon Musk drove up the price of Dogecoin yet again Wednesday by claiming he bought some of the cult cryptocurrency for his infant son, X Æ A-Xii.

“Bought some Dogecoin for lil X, so he can be a toddler hodler,” the billionaire Tesla CEO tweeted at 10:08 a.m., using an intentionally misspelled slang term for someone who holds cryptocurrency instead of selling.

Dogecoin’s price started to climb one minute after Musk’s Twitter post and topped 8 cents before paring the gains, according to CoinDesk data.

The coin — which started as a joke and was inspired by an internet meme — was recently trading at about 7.5 cents, up roughly 4 percent from a day earlier.

Musk did not reveal how much Dogecoin he bought for his 9-month-old son, whose mother is the electronic musician Grimes. Musk also didn’t say whether he owns any Dogecoin himself.

Musk’s tweets have caused Dogecoin to spike several times in recent months, helping it gain broader attention and become one of the most valuable cryptocurrencies on the market.

The SpaceX founder has said that his Dogecoin posts are meant to be jokes. But he is a fan of Bitcoin, as evidenced by Tesla’s Monday announcement that it had bought $1.5 billion worth of the world’s biggest cryptocurrency.