DOGE Spikes 20% As Elon Musk Bought Dogecoin For His Child

The CEO of SpaceX and Tesla is known within the cryptocurrency field for his somewhat comical comments and support for the meme token Dogecoin. In his most recent post on the altcoin, he claimed that he had purchased a portion for his recently born child to become a “toddler hodler.”

• The world’s richest man took it to Twitter to announce his latest Dogecoin-related initiative. This time, he directly said that he had purchased tokens from the popular Shiba Inu-inspired coin for X Æ A-Xii – the official name of his toddler son.
• Musk and his partner the musician Grimes revealed recently that their child will be called “Little X” for short.
• Now, though, he could become the youngest hodler of DOGE following his dad’s purchase. 
• In the past, Musk’s engagements with Dogecoin had immediate effects on the asset’s price. This was the case today as well. At the time when the CEO posted on Twitter, DOGE traded at $0.068. In the following minutes, the altcoin surged by 20% to a daily high of $0.082.
• It’s worth noting that besides DOGE, Musk recently became significantly more supportive of the primary cryptocurrency – Bitcoin. Firstly, he regretted not purchasing any eight years ago, and then news broke that the electric vehicle company that he runs, Tesla, had allocated $1.5 billion in BTC in January 2021.