KEY POINTS

  • Dogecoin was trading at $0.144
  • It is the 12th largest crypto in terms of capitalization
  • Musk's tweet did not have a significant impact on DOGE's price

Tesla CEO Elon Musk, a known advocate of the dog-themed token Dogecoin shared a video on Twitter that "explains everything" about the digital currency.

The Dogecoin video was shared in response to a tweet by Ark Invest director of research, Brett Winton. On April Fools' Day, he posted a joke that features a short conversation between Winton, who understands how Bitcoin mining works, and his mother, who is not aware that "miners" are microchips.

Replying to the executive's tweet, Musk recommended that Winton just needs to "show her this video explains everything[sic]."

The brief video features the mascot of Dogecoin, a Shiba Inu, riding a rocket that enables it to leave behind other major cryptos like Bitcoin available in the market today.

Dogecoin
Dogecoin Facebook.com/OfficialDogecoin

The video supports the campaign of some DOGE investors who hope for the dog-themed token to go "to the moon," referring to DOGE's price soaring high.

It is worth noting that this is not the first time that Musk shared this video. The tech billionaire shared the same video on February 8, 2021, when he tweeted, "Ð is for Ðogecoin! Instructional video."

Cryptocurrency holders, particularly Dogecoin investors, are usually ecstatic each time the Tesla CEO tweets about the meme coin. One of the reasons for this is that his tweets most often, send the price of DOGE upward.

Some investors even go to the extra length of calling Musk the "Dogefather." Musk admitted last month that he owns Dogecoin, Bitcoin and Ethereum digital tokens. He also emphasized that he will sell his cryptocurrencies.

The Tesla head honcho believes that Dogecoin is the people's crypto and the best digital token for transactions while viewing Bitcoin as a store of value.

Dogecoin is the 12th largest cryptocurrency in the industry in terms of market capitalization. It was trading 4.15% at $0.144 with a 24-hour volume of $1,081,254,152 as of 10:12 p.m. on April 3, based on data from CoinMarketCap.

Unfortunately, Musk's latest tweet about DOGE did not affect the dog-themed meme coin's price much. When Musk tweeted the Dogecoin video, the meme coin's price was around $0.1420.

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