The CEO of SpaceX and Tesla Elon Musk tweeted a sarcastic post on DOGE (Dogecoin). Elon Musk usually trolls the crypto and Bitcoin (BTC) communities very often, this was not the first time. In his tweet, the “dogecoin standard” is covering the global financial system. He quoted the image with “it’s inevitable.” MusK also wrote, “Excuse me, I only sell Doge!” for his for Bitcoins. After the tweet has gone viral, the Dogecoin cost rose from $0.003052 to $0.003433, which is around 14%. However, the increased rate to DOGE (Dogecoin) is not permanent, as it is just because of Elon Musk’s tweet. Comparing DOGE with other famous cryptocurrencies, the value of DOGE in very minimal. Also, the DOGE has low liquidity in comparison to other cryptocurrencies.
In the previous weeks, Dogecoin’s price is increased from $0.0023 to as high as $0.005 within three days, dated 6th of July to 9th of July. This happened because of a viral TikTok sensation has sent an amount to Dogecoin. The same thing happened in the case of Elon Musk’s tweet, the Dogecoin’s price suddenly increases in the popularity of the mainstream.
The DOGE (Dogecoin) is the favorite cryptocurrency of Elon Musk. In the past year, Elon Musk is posting on the Dogecoin continuously. In April 2019, Musk posted with a quoting, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” The meme-inspired cryptocurrency has appointed Elon Musk as the CEO. Elon Musk got this by wining a poll in 2019.
In the mid of May 2019, J K Rowling has tweeted something regarding cryptocurrency. In response, Elon Musk wrote, “Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison.” He also added, “I still only own 0.25 Bitcoins btw.”
Elon Musk always enjoys tweeting something or other for entertaining the crypto industry. He is not a severe investor in cryptocurrencies. Cryptocurrency still remains a niche for many investors in the market. The founder of DTAP Capital Dan Tepiero wrote, “Not looking like a top in TSLA. In fact, just broke out 7 days ago. At this rate, Elon Musk becomes world’s richest person in a few months. The market is always right. What is it telling us about the future? Net worth now equal to 25% of all Bitcoin. Maybe he buys a few?”
Elon Musk might benefit the cryptocurrencies with his meme tweets and posts.