Dogecoin extends record-shattering weekly gain to 520% after another inscrutable tweet from Elon Musk

elon musk dogecoin pumping stocks 2x1
  • Dogecoin spiked roughly 200% to another record on Friday after an inscrutable Elon Musk tweet appeared to reference it.
  • The coin has now climbed 520% over the past week, according to Coinbase data.
  • Experts warn of a bubble waiting to burst caused by “just a surge in interest from people looking to get rich quick.”
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Dogecoin spiked more than 200% on Friday to a record high after Elon Musk tweeted another inscrutable message that appeared to reference the meme currency.

At 12:33 a.m. ET on Friday, the Tesla CEO and SpaceX founder published a tweet to his 51 million followers saying “Doge Barking at the Moon.” Attached was a photo of a creature that resembles a dog staring at an object that resembles a moon.

The caption of the billionaire executive is a version of the “to the moon” slang dogecoin bulls use in reference to the astronomical rise in dogecoin’s price.

Dogecoin hit a 24-hour high of $0.43 around 9:45 a.m. ET and was trading at $0.38 as of 10:35 a.m. ET, according to data from Coinbase.

For the week, the price of the token portrayed by a Shiba Inu dog has skyrocketed 520%.

“The Dogecoin rally once again defies all expectations,” Konstantin Boyko-Romanovsky, CEO and founder of Allnodes, a non-custodial service provider, told Insider. “It feels like a black swan event on the crypto market because of how unpredictable it is. A market correction should follow this type of sudden gain.”

Some experts have expressed concern about a bubble waiting to burst. Freetrade analyst David Kimberley said the latest uptick is not indicative of any “meaningful value the cryptocurrency offers” but rather “just a surge in interest from people looking to get rich quick.”

“When everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time. And it’s almost impossible to say when that’s going to happen,” he said. “And if you’re the one left holding on to the coins when the market tanks, you may regret taking a punt in the first place.”

Read more: A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities

The jump in dogecoin’s price isn’t only prompted by the newly self-appointed Technoking of Tesla, though he has spurred the price to skyrocket in the past. In February, Musk published a one-word tweet that sent dogecoin up by 25% in minutes.

Rather, dogecoin was also lifted by a broader cryptocurrency rally ahead of Coinbase’s direct listing on the Nasdaq on Wednesday viewed by many as a milestone for the digital currency ecosystem.

The token spiked as much as 34% on Tuesday, bringing its total market capitalization above $11 billion – making it more valuable than a number of large companies – in lockstep with bitcoin hitting a new record that day, as well as ether.

“There are many different reasons that people are buying it, and it’s more or less gone mainstream at this point,” said Billy Markus, an IBM engineer and a cocreator of Dogecoin, told Insider. “It’s one of the most volatile assets you can make a bet on, but people right now have a lot of reasons to make that bet, and that is being reflected in the market.”

Dogecoin, which started as a joke in 2013 created by Markus and Jackson Palmer, has shot to fame thanks to well-known backers such as Musk, but also rapper Snoop Dogg and Kiss member Gene Simmons. Both intended dogecoin to be a fast and cheaper alternative to bitcoin.

It also has a strong community on Reddit that started in 2013 with members cheering each other on whenever the price rallies. Satoshi Street Bets also on Reddit started in 2020-a take on the famed Wall Street Bets-also discusses dogecoin although it includes the broader cryptocurrency market.

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‘I got no defense’: Ted Cruz responds after viral tweet mocking California energy policies resurfaces amid Texas storm

Ted Cruz
Sen. Ted Cruz, R-Texas, speaks with reporters on Capitol Hill in Washington, Saturday, Feb. 13, 2021, on the fifth day of the second impeachment trial of former President Donald Trump.

  • Sen. Ted Cruz responded to online criticism over a resurfaced tweet Tuesday evening.
  • In August, Sen. Ted Cruz of Texas mocked California’s “failed energy policies” on Twitter.
  • His post resurfaced Tuesday as over 3 million Texans were without electricity during a winter storm.
  • Visit the Business section of Insider for more stories.

Sen. Ted Cruz struck a rare conciliatory tone after Twitter users lambasted the Texas senator for a resurfaced August tweet in which he mocked California’s “failed energy policies,” as millions of Texans were left without electricity due to a severe winter storm this past weekend. 

Many accused Cruz of being hypocritical for criticizing California’s power infrastructure following the wildfires and extreme heat waves that plagued the West Coast last summer, when his own state’s infrastructure is also struggling to handle inclement weather.

“I got no defense,” Cruz tweeted Tuesday, following the online critiques. “A blizzard strikes Texas & our state shuts down. Not good.”

 

In August, Cruz responded to a message from the governor’s office urging Californians to turn off unneeded lights and limit their use of appliances, saying the state was “unable to perform even basic functions of civilization, like having reliable electricity.”

He then accused President Joe Biden, Rep. Alexandria Ocasio-Cortez, and Vice President Kamala Harris of wanting to make California’s “failed energy policy the standard nationwide.”

“Hope you don’t like air conditioning!” he tweeted last year.

 

Now, Texas’ power grid has failed, as the state’s infrastructure is unequipped to handle large amounts of ice and snow and freezing temperatures. As of Tuesday evening, more than 3 million Texans were without power, according to the outage tracking site PowerOutage.us.

The power outages and rolling blackouts have affected designated warming centers and shelters. Two men were found dead this week in Texas; their deaths are believed to have been due to exposure to low temperatures.

Insider’s Charles Davis reported Tuesday that there are a number of reasons for the mass power outages across Texas, but the simplest explanation is that the extreme cold has spurred an unprecedented demand for heat, outstripping the state’s ability to provide.

According to the Electric Reliability Council of Texas, as the weather has gotten worse, the capacity to generate electricity has diminished.

Despite Cruz’s concession, many were quick to point out that the senator had not actually issued an apology to Californians or the politicians he criticized in his original tweet. Some praised his honesty, while others urged the lawmaker to take legislative action to help the millions across the region affected by the freezing temperatures.

“Stay safe!” he tweeted.

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GameStop explodes 105% higher after Elon Musk’s ‘Gamestonk’ tweet extends the day-trading rally

Screenshot 2021 01 27 at 10.45.31

Shares in GameStop rose as much as 105% higher at Wednesday’s market open, after billionaire Elon Musk tweeted “Gamestonk!!” in after-hours trading. 

“Stonks” is usually used in investing banter on social media for widely-held stocks.

The Tesla founder posted a link to the popular subreddit WallStreetBets, members of which have piled into GameStop’s soaring stock.

Screenshot 2021 01 27 at 10.58.56

Read More: MORGAN STANLEY: Buy these 9 sports-betting stocks ahead of the industry’s expected legalization in 12 states this year and its growth to $10 billion in 2025

Billionaire Chamath Palihapitiya also joined the Reddit frenzy by excitedly announcing he bought 50 call options in GameStop with a strike price of $115 and an expiration date of February 19.

Scores of WallStreetBets users have driven the video-game retailer’s stock to record highs, while targeting short-sellers like Gabe Plotkin’s Melvin Capital and Maple Lane Capital.

The online stock-investing chat group now has over 2.4 million members. Their battle against institutional short-sellers on GameStop has led to an eye-popping 750% rally in 2021 as retail traders grabbed the opportunity to make money off a short squeeze of institutional investors.

Insider’s Bradley Saacks and Alex Morrell reported the subreddit added over 25,000 users in the past 24 hours, according to a metadata dashboard run by itself, indicative of how rapidly the group has become the talk of the finance world.

“These are not normal times and while the r/wallstreetbets thing is fascinating to watch, I can’t help but think that this is unlikely to end well for someone,” said Jim Reid, a managing director of cross-asset research at Deutsche Bank.

Legendary investor Michael Burry criticized retail investor behavior on Tuesday for working to boost GameStop’s stock and target Wall Street shorts, calling it “unnatural, insane, and dangerous.”

GameStop shares closed $147.98 a share on Tuesday, but were last trading 105% higher around $301 a share as of 9:50 a.m. ET. 

Read More: Biden’s infrastructure plans could be worth $10 trillion to companies, a ClearBridge fund manager told us. Here are 4 stock-market themes investors can play to take advantage of the once-in-a-lifetime conditions.

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How to share a tweet through your Instagram Story on an iPhone

friends looking at instagram on phone social media
Twitter now lets some iPhone users add tweets to their Instagram Story from the Twitter app.

  • You can add tweets to your Instagram Story quickly and easily if you have an iPhone — but note that this feature is not available for all iPhone users at this time.
  • Once you’ve added a tweet to your Instagram Story, you can resize it and move it around before sharing.
  • Visit Business Insider’s Tech Reference library for more stories.

It’s fun to share tweets on Instagram, but the process of screenshotting tweets and uploading them to a different platform can be tedious and tiresome. Fortunately, Twitter is testing a new feature that allows iPhone users to add tweets to Instagram Stories in the blink of an eye.

How to add a tweet to your Instagram Story

You can add a tweet to your Instagram Story as long as the tweet you’re trying to share is public. That means it must be visible to the general public on Twitter, not something that was posted to a private or protected account. You will also need to be logged in to your Instagram and Twitter accounts on the device you’re using. Keep in mind that this method currently only works for some iPhone users at this time.

1. On the Twitter app, locate the tweet you wish to share to your Instagram Story.

2. On the tweet you wish to share, tap on the “Share” icon, which resembles an arrow pointing upward.

3. In the menu that appears, underneath the Instagram icon, tap on “Instagram Stories.”

4. The Twitter app will now disappear. In its place, the Instagram app will open a new draft for an Instagram Story.

5. You can now interact with the shared tweet as though it is a sticker. You can move it around by tapping and dragging the tweet, or you can resize it by swiping your fingers together or apart.

6. Put the finishing touches on your Instagram Story as you’d like it to appear. Then, you can choose to share it with all of your Instagram followers, a single person, or a group of multiple Instagram users.

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