Bitcoin

Elon Musk sees the future of the “Dogecoin Standard”, the price for DOGE increases by 14%

Elon Musk, the CEO of Tesla and SpaceX, released a sarcastic tweet about the cryptocurrency meme Dogecoin (DOGE). It’s not the first time Musk has trolled the crypto and bitcoin community (BTC) with humorous comments.

He tweeted “it’s inevitable” with an image that shows the “Dogecoin standard” that outshines the global financial system.

Elon Musk tweets a Dogecoin meme

Elon Musk sees the future of the “Dogecoin Standard”, the price for DOGE increases by 14%
Elon Musk sees the future of the “Dogecoin Standard”, the price for DOGE increases by 14%

Elon Musk tweets a Dogecoin meme. Source: Elon Musk’s Twitter

In response to a sarcastic tweet asking Musk about the loss of Bitcoin, musk wrote::

“Sorry, I’m only selling Doge!”

The DOGE price rose 14% that day

The DOGE price rose 14% that day. Source: TradingView.com

After Musk’s viral tweet, the Dogecoin price rose from $ 0.003052 to $ 0.003433. by about 14%. Not sure if DOGE rose due to Musk’s tweet. In contrast to the main cryptocurrencies DOGE has a relatively low liquidity, that makes it vulnerable to Pump Dump at short notice.

Musk continues to be happy to maintain the crypto community

In recent weeks A viral TikTok sensation raised the price of Dogecoin. CoinMarketCap data shows Dogecoin rose from $ 0.0023 to $ 0.005 in just three days from July 6-9.

Musk’s tweet seems to point to Dogecoin’s sudden surge in mainstream popularity. The unexpected spark of interest in cryptocurrency on TikTok received significant media coverage.

Over the past year Since Musk said that his favorite cryptocurrency is Dogecoin, he’s been tweeting about cryptocurrencies all the time.

musk said in April 2019:

Dogecoin could be my favorite cryptocurrency. It is great.”

Mid 2019 Musk won a poll to become the self-proclaimed CEO of the meme-inspired cryptocurrency. That only led to it Musk to write even more sarcastic jokes about cryptocurrencies.

In May, in response to J.K. Rowling on Bitcoin, Musk wrote::

“More or less, although the massive issuance of currencies by state central banks makes Bitcoin internet money appear solid in comparison.”

He added:

“I still have 0.25 bitcoins by the way.”

Musk tweets about cryptocurrencies are beneficial for the industry?

Musk apparently enjoys entertaining the crypto industry with occasional meme tweets. Obviously, he’s not a serious investor in cryptocurrencies, unlike other popular personalities like: Paul Tudor Jones.

But it may have a positive side, one of the The most influential and well-known CEOs in the U.S. regularly tweet about crypto.

As an asset class, cryptocurrencies remain a specific market for many investors. The market capitalization of Bitcoin, the most dominant cryptocurrency in the world market, is smaller than Tesla’s.

Dan Tepiero, the founder of DTAP Capital, wrote::

“He doesn’t look like a top in TSLA. In fact, he was only blown up 7 days ago. At this rate, Elon Musk will become the richest person in the world in a few months. The market is always right. What does he tell us about the future? The wealth now equals 25% of all bitcoin. Maybe buy a few? “

For an early asset class of growth, cryptocurrencies could benefit from the hype Musk brings to the industry.

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