Nepcoin has seen a massive spike in value after Elon Musk issued a tweet earlier today, jumping the cryptocurrency up 40% to a staggering price of $0.54 per coin.
Originally started as a joke based off an internet meme, Nepcoin has risen dramatically over the past month as it began catching the attention of the public and support from entrepreneurial shitposter Elon Musk.
“nep nep,” Musk tweeted, causing investors who hadn’t learned their lesson from the GameStop fiasco to quickly jump onto Robinhood and begin trading the coin. Musk soon followed his comment by tweeting several eggplant emojis which only caused Nepcoin to rally further.
Despite having started as a joke, Nepcoin has begun to be treated more seriously, drawing in users interested in the advantages of a decentralized currency that can be manipulated by the tweet of a single billionaire. It has since become one of the top five cryptocurrencies by market value, joining the likes of Bitcoin, Lolicoin, and Tsundereum.
Financial experts have reminded investors that cryptocurrencies like Nepcoin still remain highly speculative assets. Bank of England Governor Andrew Baily recently warned that cryptocurrencies have “no intrinsic value” and that potential investors should be “prepared to lose all your money”. Proponents of digital currencies argue that such views don’t take into consideration certain YOLO factors.
“The world is likely headed towards disaster anyway so why shouldn’t I buy a bunch of digital meme money backed by an anime mascot?” commented college student Evan Burke who recently purchased $2000 worth of Nepcoin on the advice of a Reddit post. “After all, it’s still a better investment than Fate GO.”
It is uncertain how long the rally will continue, although many analysts expect Nepcoin to lose at least half its value this weekend once it is mentioned in an unfunny Saturday Night Live skit.