Elon Musk has resumed his Dogecoin euphuism. The Tesla CEO Elon Musk hurled cryptoverse into excitement last weekend with tweets about the Bitcoin joke token called Dogecoin. Sadly, his tweets have now spiked the price of the Shiba Inu, a different meme coin.
Musk’s newest episode, driving Dogecoin price by nearly 10 percent on July 1, started last Thursday when he tweeted a lyric, “Baby Doge, doo, doo, doo, doo, doo.”
More pursued the tweet on Thursday morning after Mr. Musk tweeted an image from The Godfather, labeling the meme: “Release the Doge!”
As a result, the Dogecoin price skyrocketed again after a recent sequence of oratory from the meme-loving tycoon himself – Elon Musk.
Musk’s tweets are actually driving the price to soar | Source: DOGEUSD on TradingView.com
Elon Musk tweeted lyrics to a parody of the famous children’s song Baby Shark, changing the lyrics to “Baby Doge.. doo, doo, doo, doo….”
Latest Tweets By Elon Musk Are Less Influencing
Nevertheless, the influence of the magnate’s previous tweets concerning the lesser-known meme coin is lesser than the previous time.
Market reaction for Dogecoin has been just at a positive 10% increase under the last moment Mr. Musk has said the meme-inspired token on Twitter.
Tweet spam from the SpaceX and Tesla CEO in April saw Dogecoin price increased fourfold within 24 hours, driving it to new record highs above $0.40.
Dogecoin ultimately spiked over $0.70 on May 8 when Mr. Musk mentioned it numerous times through his arrival as the host of Saturday Night Live.
During the first week of June last month, Dogecoin’s price increased by 15 percent within 24 hours after dipping two weeks before and becoming sluggish.
Dogecoin price in India had dropped significantly, but between June 1 and June 3 went from approximately Rs. 23 to about Rs. 31. Musk gave full credit to the tweets from the central rider himself -SpaceX CEO Elon Musk.
And that is how it has always been; his social media posts often lead to sudden spikes in the token’s price, whether Bitcoin or lesser-known ones as doge. Thus, the market response since Thursday is no surprise as well.
Dogecoin had been trading in the red but has made a quick lift into the green again, lifting as high as 7-10% – from below $0.24 to $0.2573 – following Musk’s tweets effect, according to CoinMarketCap data.
Elon Musk’s Roller Coaster Journey In Cryptocurrency Sector
One thing for sure, Musk has become one of the largest drivers of the cryptocurrency markets in 2021. He rises and falls the Bitcoin price anytime he wishes, as seen when he recently influenced Bitcoin’s value plunge, which it still hurts till now.
This occurred a couple of months back when he ceased the bitcoin payments for Tesla electric cars and attacked its energy use.
On the other side of the coin, the tech guru has been a long-time Dogecoin advocate; a joke token started in 2013. Recently, he has been getting known for his work with developers to try to improve its efficiency, and of course, take the coin alongside humans to the “moon.”
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