Elon Musk Has Bought Some Dogecoin For His Son X Æ A-Xii

Elon Musk has actually put some of his considerable amount of money where his mouth is and bought his son Dogecoin, after the South African billionaire helped send the value of the cryptocurrency soaring by relentlessly tweeting about it.

The value of Dogecoin, which started as something of a joke based on an old internet meme, has increased by 137 percent of late, partly because of Musk tweeting about it.

He tends to do that sort of thing, he sent the value of shares in Etsy skyrocketing in a similar fashion, as well as supporting those who were buying up GameStop stock and other shares recently.

To be fair, some within the financial markets are concerned about Musk's ability to send the markets into a frenzy.

The 49-year-old Tesla chief revealed that his son X Æ A-Xii is now the proud owner of an undisclosed amount of Dogecoin of his own.

He tweeted a video of his son sitting on the floor and wrote: "Bought some Dogecoin for lil X, so he can be a toddler hodler."

Hodl is a term used in the cryptocurrency world to refer to someone who uses a buy and hold strategy.

We can't be sure how much Dogecoin he bought for him or when, but it's probably worth more than it was before by now.

Not that Musk needs the cash, or anything.

Dogecoin's price currently stands at $0.072116, which still isn't too much, but he is only a baby, after all.

It's currently the 10th ranked coin on crypto website CoinMarketCap, with a market value of $9.2 billion (£6.6bn).

Again, relative peanuts for Musk.

This is all, in part, thanks to Musk's tweets about it.

He recently shared a picture from The Lion King showing himself holding up the Doge character from the meme - a Shiba Inu dog - writing simply: "You're welcome."

He later tweeted: "Dogecoin is the people's crypto.

"No need to be a gigachad to own.

"No highs, no lows, only Doge."

This isn't the only crypto that Musk has been dabbling in of late.

The world's most popular cryptocurrency, Bitcoin, also took a jump in price to a record $48,000 (£34,700) in the aftermath of Musk's announcement that Tesla was investing $1.5 billion (£1 billion) in the market.

Other celebrities have been jumping on the Dogecoin bandwagon, too.

Snoop Dogg - Snoop Doge, of course - and KISS frontman Gene Simmons have also spoken about it.

Featured Image Credit: PA

Topics: elon musk, Money, Cryptocurrency, Weird

Tom Wood

Tom Wood is a LADbible journalist and Twin Peaks enthusiast. Despite having a career in football cut short by a chronic lack of talent, he managed to obtain degrees from both the University of London and Salford. According to his French teacher, at the weekend he mostly likes to play football and go to the park with his brother. Contact Tom on [email protected]

@TPWagwim