Elon Musk says he has bought Dogecoin for his son after relentlessly tweeting about the cryptocurrency for days and boosting its value to an all-time high. The value of Dogecoin, which was created based on a popular dog meme, has surged 137 percent in the last week alone, according to CoinMarketCap data.
Musk first started tweeting about Dogecoin on February 4 and the cryptocurrency’s price has been surging ever since, sparking concern over the billionaire’s ability to move markets. The Tesla CEO revealed on Wednesday that he had purchased an undisclosed amount of Dogecoin for his son X Æ A-Xii, who he shares with musician Grimes.
‘Bought some Dogecoin for lil X, so he can be a toddler hodler,’ he tweeted alongside a video of his son sitting on the floor. Hodl is a phrase used in the context of cryptocurrency to refer to buy-and-hold strategies.