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After Elon Musk’s Tweet, Dogecoin Price Rises

Tesla CEO Elon Musk is pretty vocal on Twitter. He has interacted with a lot of Twitter users overs the years and makes them feel at home with his response.

His Twitter account was one among the many, which compromised by Bitcoin thief. It was, however, recovered well in time and Twitter is under constant search for the hackers.

After making his comeback on Twitter, Elon Musk made a sarcastic comment on dogecoin. He has poked fun at the Bitcoin communities a lot of times and this was nothing new from his side.

In a meme, he showed that the dogecoin was making the global financial system look like a dwarf. Musk tweeted ‘it is inevitable’ along with the post.

However, following his tweet the price of dogecoin soared from $0.003052 to $0.003433, by around 14%. It is though not confirmed it the tweet was the reason behind the price hike but speculations suggests so.

Old tweets related to cryptocurrency from Musk

Musk had been tweeting about the cryptocurrency communities from a long time.

“Dogecoin might be my fav cryptocurrency. It’s pretty cool,” he said in April 2019.

“Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison,” he once wrote is response to JK Rowling and added, “I still only own 0.25 Bitcoins btw”.

“Not looking like a top in TSLA. In fact, just broke out 7 days ago. At this rate, Elon Musk becomes world’s richest person in a few months. The market is always right. What is it telling us about the future? Net worth now equal to 25% of all Bitcoin. Maybe he buys a few?,” Dan Tepiero, the founder of DTAP Capital said.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.