Dogecoin Increase By 20% Due To Elon Musk’s Twitter Posts
Elon Musk once again launched a hype around Dogecoin and for this, he only needed to write a few lines on Twitter. As a result, Tesla’s “favorite cryptocurrency” rose in value in just two days.
Dogecoin caught a wave of luck
Elon Musk knows how to draw public attention to himself by trolling and extravagant antics and has already proven this many times. This time, Tesla’s creator cleverly joked about the Dogecoin cryptocurrency. He posted a funny meme on Twitter, in which Dogecoin took over the leadership of the global financial system. The public had not yet managed to forget about the pumping of this cryptocurrency into Tik-Tok, as another viral news about it followed.
Most likely, Elon Musk did not expect that his post on Twitter would have such an effect on the audience: over the weekend, the price of Dogecoin increased by more than 24%. Today the Dogecoin price has rolled back 4%. We already saw a similar scenario last week, when, after the hype in Tik-Tok subsided, this crypto asset fell by more than 40%.
Elon Musk has repeatedly admitted his friendly attitude towards Dogecoin, once he even called it “the best coin”. These statements have generated a lot of rumors around Elon Musk and Dogecoin. Crypto enthusiasts seem to be looking for an excuse to inflate interest in this cryptocurrency thanks to such statements. A prime example was the news that Elon Musk may be considering becoming the CEO of Dogecoin. But this information turned out to be a duck.
Elon Musk and cryptocurrency
Crypto enthusiasts have repeatedly tried to “expose” Elon Musk and attributed to him the purchase of cryptocurrency, including Bitcoin. In an interview with bestselling author J.K. Rowling, he mentioned that he appreciated Satoshi’s project. These words were seen by crypto enthusiasts as a hint that Musk is considering investing in Bitcoin. But so far this assumption has not been confirmed.
Last week, Musk’s Twitter account hacked. The scammers managed to send out an offer to buy Bitcoin to many subscribers in a short time. The hackers tried to take advantage of the spread of rumors that Musk allegedly owns the cryptocurrency. This incident further warmed up the attention of the creator of Tesla. Once again, in a comic form, Musk replied to the subscriber that if he sells cryptocurrency, it will be Dogecoin.
Why the creator of SpaceX is so attached to Dogecoin remains a mystery to many analysts. Perhaps Elon Musk is very impressed by the cute dog Shiba Inu, which is the symbol of Dogecoin, or the genius of technology decided to amuse the society? Surely, Elon Musk himself does not know the answer to this question.