Tesla Inc. (TSLA) CEO and Dogecoin (DOGE-X) bull Elon Musk has taken a dig at the volatile price movements of cryptocurrencies — with a meme.

Photo by Kanchanara on Unsplash

What Happened?

Musk posted the meme on Twitter with the caption “1 Hour Here Is 7 Years on Earth.” The meme, which highlights the volatile prices of Bitcoin (BITCOMP) and other cryptocurrencies, is based on a scene from the 2014 science fiction film Interstellar.

The tweet has received more than 104,000 likes and was also retweeted over 11,000 times, as at press time.

Dogecoin co-creator Billy Markus responded to the tweet by sharing an image that hilariously shows the aging face of actor Matt Damon after he enters the world of cryptocurrencies.

An advertisement for the cryptocurrency exchange Crypto.com starring Damon was ridiculed on social media earlier this month after he compared the risky investment in cryptocurrencies with space travel.

Why It Matters?

Musk is a big proponent of Dogecoin as well as other cryptocurrencies and his tweets sometimes have an overwhelming impact on their prices.

The price of Dogecoin surged last week after Tesla began to accept the meme cryptocurrency for the purchase of merchandise on its online shop.

Cryptocurrency is still an emerging market that is gaining rapid popularity among retail investors. The market thrives on speculative bets that cause a sudden influx or outgo of money, leading to high volatility.

Markus has previously too warned about the risky investment in cryptocurrencies. In June last year, he cautioned that taking out loans to buy volatile speculative assets such as cryptocurrencies was “absolutely bonkers.”

Price Action

Dogecoin is down 0.8% during the past 24 hours, trading at $0.1645 at press time.