Elon Musk Won’t Stop Tweeting About Dogecoin and Cryptocurrency Prices are a Volatile Mess
Tesla CEO and SpaceX boss Elon Musk appear to have a side-job – hustling for cryptocurrency prices on Twitter. The billionaire who has consistently rallied support for bitcoin and the meme currency dogecoin, late on Thursday night, put out a tweet yet again on the meme-based cryptocurrency. This is not the first time Musk has done this, or even the second, or third time. Every time Musk mentions the cryptocurrency, a surge (often following an eventual downfall) occurs in the prices of the cryptocurrency. Internet sleuths have more than just co-related the phenomenon, they’ve even christened it: “The Musk Effect.” This time, too, appeared to be no exception.
Replying to a tweet that said, “This tweet is not about Bitcoin. Not everything is about Bitcoin. Or is it?” Musk added that sometimes, it is about dogecoin.
Musk posted the tweet around 2:45 AM IST (GMT +5:30). Following his tweet, Dogecoin recorded a spike in numbers around 3 AM, according to Coindesk.
The 24-hour change recorded, however, wasn’t made up for by this spike. It still stood at -2.05%.
Last weekend, the price of DOGE surpassed $0.06 over the weekend, after Musk weekend tweets seemingly led to a nearly 300% surge in the price of the Shiba Inu token.
While the ‘Musk effect’ is now becoming a common Internet slang, this isn’t the first, second or even third time Elon Musk has tweeted about Dogecoin, raising its prices.
Musk who has been consistently tweeting about the meme cryptocurrency for a while led to the all-time-high $0.065448, up about 35% from its 24-hour low of $0.048356, according to CoinDesk in early February. The cryptocurrency’s price later dropped again before climbing back to about 25% gain. The Shiba Inu-themed digital coin had then surpassed 8 cents for the first time, just a week after crashing to 2.5 cents and sparking an outcry on Reddit.
Musk had said that he supports major holders of the meme-based digital currency Dogecoin selling most of their coins, adding that he felt too much concentration in Dogecoin was the “real issue”.
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,” he said in a tweet. But that wasn’t all – he offered to pay ‘actual dollar’ for it.
Musk in February had posted a Twitter poll, asking his 45.8 million followers to choose “the future currency of Earth.”
He gave two options: “Dogecoin to the Moooonn” or “All other crypto combined.”
The poll resulted in 71.3% of the 2.4 million voters saying that “Dogecoin to the Moooonn” would be the future of currency.