Dogecoin jumped 58% within three days after Tesla founder Elon Musk called it his favorite cryptocurrency, while he named himself Dogecoin CEO in his Twitter profile description.

On 2 April, Elon Musk published an inconsistent message on Twitter, which provoked Dogecoin price pump to the moon.

“Dogecoin might be my fav cryptocurrency. It’s pretty cool,” wrote the founder of Tesla and SpaceX.

 

Some users suggested that Musk's account was hacked, but no confirmation of this suggestion appeared in the following days. There were no explanations from Musk or any announcements about hacked account.

In addition to that strange tweet, Musk changed the description of his profile. First, he named himself CEO of Dogecoin, then he added the word “former” to CEO, and, after a couple of days, he deleted these words from his profile.

Jackson Palmer, true creator of Dogecoin, wrote ironically that he was ready to sell the Dogecoin website for $4.2 billion. It is worth noting that Palmer, being a vehement supporter of the philosophy of decentralization and privacy, said earlier that he ceased to take active part in the Dogecoin project.

The price of cryptocurrency immediately responded to the support of Elon Musk. As of 2 April, Dogecoin rose in price by 24%. Since the beginning of April, Dogecoin added 58% in total and rose in price from 0.00000051 BTC to 0.00000081 BTC.