Dogecoin Price Soars 50%, Elon Musk’s Tweet is the Reason

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Elon Musk holding a phone, with a dogecoin wallpaper in the background
Elon Musk

Elon Musk, the richest man in the world pushed Dogecoin price 50% higher. Billionaire and CEO of Tesla (NASDAQ: TSLA) broke his promise of quitting Twitter for a while and Tweeted Thursday about the “meme-based” cryptocurrency. He tweeted that “Dogecoin is the people’s crypto”.

Musk removed Bitcoin (BTC) from his Twitter bio. On January 29, He added #Bitcoin to his bio and helped pushing it 20%. However, Musk who seems to be a fan of Dogecoin insists on sticking to Dogecoin — pushing its price higher every time he tweets about it.
“No highs, no lows, only Doge”, Musk added in the tweet. Furthermore, Musk tweeted a meme featuring himself and dogecoin in Disney’s The Lion King.

Elon Musk says Dogecoin tweets are a joke

Dogecoin — a cryptocurrency that first appeared in 2013 as a joke currently has a market capitalization of $6.3 billion. As of this writing, the digital token is trading at $0.05204 — three cents higher in 24 hours after Musk’s tweet.

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Musk, currently the richest man in the world said on Tuesday that he will be taking a break from Twitter. Nevertheless, the scientist billionaire couldn’t stop himself from publishing about Dogecoin again.

In fact, Musk’s tweets have been moving markets for so long now. He tweeted about GameStop (NASDAQ: GME) last week referring to it as “GameStonk”. Consequently, his tweet added over $10b billion of valuation to the company. Additionally, Musk said he is a Bitcoin supporter last week — the cryptocurrency saw a 20% increase instantly

Musk also contributed to a 9% price surge in Etsy after he tweeted “I kind love Etsy” on January 26. Nevertheless, Musk said in the Clubhouse interview with Robinhood’s CEO Vladimir Tenev that his tweets are meant to be jokes.

“Occasionally I make jokes about dogecoin, but they are really just meant to be jokes,” He said.

Ironically, Musk’s tweets ended up badly for him in 2019. The billionaire tweeted that he is considering taking Tesla (NASDAQ: TSLA) private at $420 per share. And that the funding is secured. Consequently, Musk had to reach a settlement with the Securities and Exchange Commission (SEC) and pay a $20 million fine.