Elon Musk tweeted about cryptocurrencies for the second time this week. This time, however, he was not hacked. Instead, it pumps its favorite cryptocurrency, based on the well-known meme – Dogecoin.
Elon Musk pumps Dogecoin
Yesterday, CEO of Tesla stated on Twitter that Dogecoin could become a reserve currency. After his tweet, the coin price increased by 14%.
Dogecoin, a cryptocurrency modeled on the popular meme of Shibu Inu in 2013, has gained fame among the cryptocurrency community as a playful coin. However, this did not stop her from gaining popularity and gathering thousands of faithful followers, including Musk.
“It’s unavoidable,” Elon tweeted, referring to the Dogecoin meme that dominated the financial system.
It’s inevitable pic.twitter.com/eBKnQm6QyF
– Elon Musk (@elonmusk) July 18, 2020
DOGE price increased by 14%
Elon’s tweet appeared a few days after the massive twitter hack that hacked hundreds of celebrities. Taking advantage of this opportunity, hackers broke into the profiles of people like Bill Gates, Warren Buffet – and of course, Elona Muska – to promote bitcoin scam.
Shortly after the Dogecoin tweet, the coin price increased by around 14% in just a few minutes. Its market capitalization increased by $ 40 million.
“It just shows how volatile markets are and how easily they can be manipulated.”
– wrote the CyptoWhale profile
Nearly $ 40,000,000 added to Dogecoins Marketcap in 3 minutes following the tweet of a meme from Elon Musk.
This just goes to show you how volitile the markets are, and how easily they can be manipulated. pic.twitter.com/bovgfoVOFS
– CryptoWhale 🐋 (@CryptoWhale) July 18, 2020
Elon Musk – the self-proclaimed “Dogecoin ex-CEO,” said in May that this Shibu Inu coin is “the best cryptocurrency.” He was also flattering to Bitcoin, claiming that it could potentially replace cash. He reserved, however, that Bitcoin probably won’t become the standard – now we know why.
Elon Musk has an impact on crypto and stock prices
It is not particularly strange that Elon Musk influences crypto and stock prices. In May, President Tesla tweeted: “The price of Tesla shares is too high.”
Tesla stock price is too high imo
– Elon Musk (@elonmusk) May 1, 2020
As a result, Tesla shares dropped sharply by more than 10%, and total company value by $ 15 billion.
