Elon Musk is a renowned person in the tech space ever before he launched Tesla. With the innovative electric vehicles of Tesla gained him appraisals from all over the world. He also owns SpaceX and wants to colonize Mars by travelling on Starship rockets. His Boring Company digs tunnels underground to facilitate mobility. Neuralink implants chips in the human brain and it's going to be next-gen innovation.
He is quite active on Twitter. He has tweeted 13.5k times and has over 45.4 M followers. He is quite popular on Twitter and he often posts updates on his innovations and also memes and some times cryptocurrencies like Bitcoin and Dogecoin. Why Elon Musk tweet's about them?
But what is his relation with Dogecoin?
Dogecoin is a cryptocurrency. It is created based on Doge meme as a joke currency. The creators didn't create it purposefully. It is a fork of Litecoin. It was created in 2013 and initially, it was used to tip users in online communities like Reddit and Twitter. The developers haven't made any major changes since 2015 and it just exists.
So coming back to Elon Musk, he appreciates Bitcoin for its decentralised nature. He explained this when J.K.Rowling tweeted about Bitcoin
I still only own 0.25 Bitcoins btw
— Elon Musk (@elonmusk) May 15, 2020
In the following tweet, Elon mentioned his Bitcoin holdings. He said that his friend sent him those long ago.
When someone organised a poll on who could be the future CEO of Dogecoin, he replied DOGE is his favourite crypto. But it is not so cool at all.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
And as he always likes to tweet something about Dogecoin. In another tweet this time, it is a meme which says Doge standard is going to engulf the global financial system and it is inevitable. This time Dogecoin pumped by almost 60%. This is the first time the price of DOGE reacted to the tweet of Elon Musk
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
Recently he posted a tweet which doesn't mention the word Doge but it is an image of a magazine cover which a dog picture and headlined as 'Dogue' on it. It's the same time when Reddit's Wallstreetbets making shit out of Hedge Funds. Musk tweet sends waves across Twitter and Reddit which made Dogecoin skyrocket to a whopping 800%. That is a massive move and Dogecoin made all-time-high of $0.078 that day.
— Elon Musk (@elonmusk) January 28, 2021
And the next day, Elon Musk has put Bitcoin in his bio and posted "In retrospect, it was inevitable". Bitcoin was at the crucial support level at $33,000 and that tweet made it go up by 14%.
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| Source: Twitter |
After that, Elon Musk tweeted that he liked to take a break from Twitter. And just one day before writing this article, Elon Musk posted a series of tweets where he is gone mad over Doge and everyone took it as a chance to go for a Dogecoin ride one more time. Dogecoin pumped almost 70% with that tweet.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
No highs, no lows, only Doge
— Elon Musk (@elonmusk) February 4, 2021
Don't know what is in Elon's mind. Few thought that Elon's Twitter was hacked but it was not the case. He is definitely mad about Doge and this is not going to end well because of the following reasons.
Doge is an abandoned cryptocurrency. It is just there for trading purpose. First of all, cryptocurrencies are highly volatile. Dogecoin gained 800% in one day, in one day. That's damn high for anything and think about those who bought that at the all-time-high price of $0.07, maybe it won't reach there forever again, or if Musk tries to buy most of Dogecoin.
Just because Elon is memeing about Doge and price reacts to his tweets doesn't necessarily mean you can make some bucks out of Doge. Maybe he got his bags filled with Dogecoin and want to make money out of it or he supports decentralized stuff we are still unaware of and don't join the speculation.
The total supply of Dogecoin is 128,233,897,815. There are over 128 billion doge coins and the price of Doge is up by 1700% in just last one year.
According to some stats by Intotheblock and Binance research, 72% of Dogecoin holders have been keeping it for more than 1 year and over 65% of the supply is held by large holders and on-chain transactions increased a lot recently. Once they start moving and selling their Doges, it will be down to where it started. So invest your money wisely. There are many other good cryptocurrency projects where you can invest and make good returns.
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