Tesla Inc. (NASDAQ:TSLA) CEO and Dogecoin (CRYPTO:DOGE) bull Elon Musk has investigated the volatile price movements of cryptocurrencies, with a meme.
What happened: Musk posted the meme on Twitter with the caption “1 hour here is 7 years on Earth.” The meme, which highlights the price volatility of Bitcoin (CRYPTO: BTC) and other cryptocurrencies, is based on a scene from the 2014 science fiction film Interstellar.
— Elon Musk (@elonmusk) January 20, 2022
The tweet received more than 104,000 likes and was also retweeted more than 11,000 times as of press time.
Dogecoin co-creator Billy Marcus responded to the tweet by sharing an image hilariously showing actor Matt Damon’s aging face after entering the world of cryptocurrencies.
Matt Damon after getting into cryptocurrency pic.twitter.com/CxIsz3cBQU
— Shibetoshi Nakamoto (@ BillyM2k) January 20, 2022
An ad for cryptocurrency exchange Crypto.com featuring Damon was derided on social media earlier this month after he compared risky cryptocurrency investing to space travel.
See also: How to buy Dogecoin (DOGE)
Why It Matters: Musk is a huge supporter of Dogecoin, as well as other cryptocurrencies, and his tweets sometimes have an overwhelming impact on their prices.
Dogecoin’s price surged last week after Tesla began accepting the same cryptocurrency for the purchase of goods on its online store.
Cryptocurrency remains an emerging market that is rapidly gaining popularity among retail investors. The market feeds on speculative bets that cause a sudden entry or exit of money, which generates high volatility.
Markus also warned against risky investments in cryptocurrencies. In June last year, he warned that borrowing to buy volatile speculative assets like cryptocurrencies was “absolutely crazy”.
Price Action: Dogecoin is down 0.8% in the last 24 hours, trading at $0.1645 at press time.
Read More: This Ethereum-based Dogecoin and Shiba Inu coin is up over 100% today
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