When Elon Musk alluded to Dogecoin, people decided to make it soar in value.
Elon tweeted a picture of a "Dogue" magazine, in the same style as Vogue. The magazine has a good dog on the cover and it seems to be written for dogs. This seemed to be an allusion to the Dogecoin cryptocurrency. Many took the call to buy as much stock as they could, and this caused the value to shoot up.
Dogecoin was launched as a joke to reference the meme Doge. Today, it went up 420.29%. Elon musk has caused a surge in Doge before, but this surpasses the 20% he brought it up by last time. On that occasion, he did it by tweeting "One word: Doge."
Elon Musk must really believe in this cryptocurrency to support it so often. It might be that he's put a lot of money into it and uses these techniques to bring profit to himself.
Either way, Doge is up and fans of Elon have spent a lot of money keeping it that way.
Elon Musk is the richest person in the world but he may be the most influential person as well
Elon Musk and Jeff Bezos have been trading the number one spot of richest person for years now. The two have competing companies, SpaceX and Blue Origin. They even tweet at each other as if they don't like each other.
The fact that Elon stays culturally relevant isn't surprising. Down to earth is not something people say about many rich people but Elon tweets and speaks in a way that makes people relate to him. Jeff Bezos could say a stock's name or a cryptocurrency and that would go up too, but not at the level that Elon commands.
Elon is an icon for the everyday Redditor and internet user. He likes talking about catgirls and isn't afraid of making jokes like the Doge tweets. His spirit is what makes his tweets so popular.