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Elon Musk, the CEO of Tesla and SpaceX, has done it again with another series of Dogecoin-related tweets. The immediate effects of Musk-initiated pumps resulted in a 50% surge for the asset in merely minutes after his tweets. In less than an hour, the token went from $0.39 to a high of $0.60. While this 53% surge was impressive on its own, Doge’s 24-hour performance was even more remarkable – an increase of 80%.
Musk’s Engagement with Dogecoin Continues
Musk has become known for his compelling, somewhat sarcastic engagements on social media platforms. He has also shown favoritism about the cryptocurrency industry lately by updating his Twitter bio to display only “Bitcoin,” though he has removed it since.
However, he has been most vocal about one cryptocurrency – arguably his favorite one – Dogecoin. Earlier today, he offered a series of Doge tweets after going offline from the social media giant several days ago.
He broke his Twitter silence with an emphatic post carrying only “Doge.” As it typically happens when Elon Musk tweets a particular asset, its price exploded. And so did the popular meme coin.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
“No Highs, No Lows, Only Doge”
Although the altcoin retraced rather steeply following its peak, the world’s richest man only doubled-down on his pro-Dogecoin tweets.
Firstly, he asserted that the meme coin is the “people’s crypto.” He believes that if one person wishes to own some coins, he doesn’t have to be a “gigachad.” Later on, he went even further by saying, “no highs, no lows, only Doge.”
Musk has earned a reputation as a “visionary” among other prominent figures despite his history with similar inconspicuous tweets on Dogecoin, other assets, or different fields, for that matter.
As reported yesterday, Guggenheim Partners’ CIO Scott Minerd highlighted Musk’s endorsement for crypto as a significant step forwards in its attempt to become a globally respected financial infrastructure.
As such, one should not underestimate the weight that his support carries for the entire industry.