Elon Musk, the CEO of Tesla and SpaceX, posted a sarcastic tweet in regards to the meme cryptocurrency Dogecoin (DOGE). It's not the primary time M
Elon Musk, the CEO of Tesla and SpaceX, posted a sarcastic tweet in regards to the meme cryptocurrency Dogecoin (DOGE). It’s not the primary time Musk has trolled the crypto and Bitcoin (BTC) communities with humorous remarks.
He tweeted “it’s inevitable,” with a picture exhibiting the “dogecoin commonplace” dwarfing the worldwide monetary system.
Elon Musk tweets a Dogecoin meme. Supply: Elon Musk Twitter
Responding to a sarcastic tweet asking Musk for misplaced Bitcoin, Musk wrote:
“Excuse me, I solely promote Doge!”
The worth of DOGE rose by 14% on the day. Supply: TradingView.com
After Musk’s viral tweet, the value of Dogecoin rose from $0.003052 to $0.003433, by round 14%. Whether or not DOGE rose because of Musk’s tweet can’t be sure. Not like prime cryptocurrencies, DOGE has comparatively low liquidity, which leaves it weak to short-term pump and dumps.
Musk continues to lightheartedly entertain the crypto group
In current weeks, a viral TikTok sensation despatched the value of Dogecoin surging. Knowledge from CoinMarketCap exhibits Dogecoin rose from $0.0023 to as excessive as $0.005 inside merely three days from July 6 to 9 because of this.
Musk’s tweet seems to be in reference to Dogecoin’s sudden enhance in recognition within the mainstream. The surprising spark in curiosity in regards to the cryptocurrency on TikTok garnered vital media protection.
All through the previous yr, ever since Musk declared that his favourite cryptocurrency is Dogecoin, he has repeatedly tweeted about crypto.
Musk mentioned in April 2019:
“Dogecoin is likely to be my fav cryptocurrency. It’s fairly cool.”
In mid-2019, Musk gained a ballot to turn into a self-proclaimed CEO of the meme-inspired cryptocurrency. That solely propelled Musk to write down much more sarcastic jokes about cryptocurrencies.
In Might, in response to J.Ok. Rowling’s tweet about Bitcoin, Musk wrote:
“Just about, though large forex issuance by govt central banks is making Bitcoin Web cash look strong by comparability.”
He added:
“I nonetheless solely personal 0.25 Bitcoins btw.”
Is Musk tweeting about crypto helpful for the trade?
Musk seemingly enjoys entertaining the crypto trade with the occasional meme tweets. He fairly clearly is just not a critical investor in cryptocurrencies, not like the likes of different common figures reminiscent of Paul Tudor Jones.
However, there’s a silver lining with having arguably one of the vital high-profile and influential CEOs within the U.S. tweet about crypto frequently.
Cryptocurrencies, as an asset class, nonetheless stay as a distinct segment market for a lot of buyers. The market capitalization of Bitcoin, essentially the most dominant cryptocurrency within the international market, is smaller than that of Tesla.
Dan Tepiero, the founding father of DTAP Capital, wrote:
“Not wanting like a prime in TSLA. In truth, simply broke out 7 days in the past. At this price, Elon Musk turns into world’s richest individual in a number of months. The market is at all times proper. What’s it telling us in regards to the future? Internet price now equal to 25% of all Bitcoin. Perhaps he buys a number of?”
For an asset class in an early part of development, cryptocurrencies may gain advantage from the publicity Musk brings to the trade.