Exactly two days ago, Elon Musk, CEO of Tesla and SpaceX, wrote on Twitter that he was leaving the social network for a while. Since he does not usually launch such messages on his profile, it was implied that it would be for a long time, but no, it has been 48 hours. And the return has been in style. After posting videos of the Falcon 9 launching 60 Starlink satellites, Musk tweeted “Doge”, about the Dogecoin cryptocurrency, and the market reaction has not been long in coming.
Elon Musk has tweeted “Doge” and Dogecoin has skyrocketed 45 percent
At the time Musk tweeted, the price of Dogecoin was above $0.40. In just over half an hour, it has reached 0.58 cents, which is equivalent to a 45% jump. It is a now recurring action every time the CEO makes mentions of cryptocurrencies, although the truth is that this time he has accompanied his terse mention with higher-than-normal support.
“Dogecoin is the people’s crypto”
As we were saying, Elon Musk has continued his public support for Dogecoin stating that it is “the people’s cryptocurrency”, because “you don’t have to be an alpha male to own it”. Just this week, in his ClubHouse debut, Musk spoke about cryptocurrencies, acknowledging that he has “come late to the party but, we are a fan of bitcoin.”
Regarding Doge he has a strategy close to trolling: “Possibly the funniest, most ironic outcome would be for Dogecoin to become the Earth currency of the future.” A few days ago he put “#bitcoin” in his Twitter bio producing the price of that crypto to skyrocket in a big way as well.
If r/WallStreetBets has been the actor that has mobilized the price of shares such as GameStop, AMC, or BlackBerry (also helped by Musk), the CEO of Tesla is on social networks an actor who alone seems to have that power in terms of cryptocurrencies (and in terms of Tesla shares depending on what he promises or reviews in his account.” No proof is needed anymore to confirm that when Elon speaks, Dogecoin rises.