“One phrase: DOGE,” tweeted Elon Musk, the CEO of Tesla Inc (NASDAQ:TSLA) on Dec. 20 and despatched the joke cryptocurrency hovering as excessive as 20.5% in a single day. The entrepreneur’s frequent tweets are related to value actions in Dogecoin (DOGE), however are the utterances of Musk nonetheless as potent? We have a look.
Canine Rock: Benzinga sifted by way of a few of Musk’s tweets on DOGE or related innuendo starting early final 12 months main as much as the current and tracked the related value actions. In early March of 2020, Musk tweeted:
Canine rock pic.twitter.com/vLJGyZo5Sx
— Elon Musk (@elonmusk) March 3, 2020
He additionally stated in the identical string “They’ve the perfect coin.” DOGE opened at $0.0023 that day on Mar 3. 2020, and reached a excessive of $0.0025. An honest spike of 8.69%.
Dogecoin Mode: Subsequent month, Musk said on Twitter “Dogecoin Mode” in response to a Twitter follower’s touch upon the Cybertruck. On Apr. 25, DOGE opened at $0.0021 and rose to $0.0024, an intraday acquire of 14.28%.
Doge Vendor: On Jul.18, Musk advised one in every of his 49.4 million followers that he solely sells DOGE.
the place’s my fucking bitcoin, musk
— Izzy Nobre (@izzynobre) July 18, 2020
DOGE moved 8.57% greater that day touching an intra-day excessive of $0.0038 after opening at $0.0035.
Tremendous Doge: When a Twitter consumer introduced up Tesla’s Dojo supercomputer, Musk merely tweeted, “Dojo/Doge.” This was on Nov. 18. That day DOGE touched an intraday excessive of $0.0030 after opening at $0.0029. A acquire of three.44%.
Doge Greetings: It was on the finish of 2020 that DOGE rallied over 20% after Musk posted his “One phrase” tweet. On Christmas, he included a Dogecoin image in his Christmas greetings emblazoned on a pair of crimson satin quick shorts.
Merry Christmas & comfortable holidays! pic.twitter.com/uk6NSPwR9R
— Elon Musk (@elonmusk) December 25, 2020
The Shiba-Inu-themed cryptocurrency returned 60% in 2020. Nevertheless, extra was to return.
Dogue: On Jan. 28, Musk posted the quilt of a makebelieve journal titled “Dogue.” Particularly the journal’s “Goodest Problem.”
— Elon Musk (@elonmusk) January 28, 2021
That day DOGE opened at $0.0075 and touched a excessive of $0.0138. The spike was an outstanding 84%. The beneficial properties over a interval of a day had been much more spectacular because the joke cryptocurrency shot up 420%. The following day Musk modified his Twitter Bio to #bitcoin, a reference to the apex cryptocurrency.
To The Moon: On Feb. 7, Musk tweeted “Who let the Doge out,” a play on the Baha Males track “Who Let The Canine Out.” That DOGE rose to a excessive of $0.0849 after opening at $0.0784. A acquire of 8.29%. He additionally tweeted a YouTube video the identical day, which featured DOGE’s Shiba Inu driving a rocket to the moon.
Ð is for Ðogecoin! Tutorial video.https://t.co/UEEocOfcTb
— Elon Musk (@elonmusk) February 8, 2021
Notably, Tesla invested $1.5 billion in Bitcoin (CRYPTO: BTC) the following day. BTC traded close to the $43,000 mark on that day. At press time, BTC traded 2.38% decrease at $55,335.32. The apex cryptocurrency hit its all-time excessive of $61,683.86 on Mar. 13, 2021. DOGE too hit its all-time high of $0.084 on Feb. 8. The cryptocurrency traded 33.2% under that value level at $0.056 at press time. The day the cryptocurrency hit its all-time excessive Musk, rap star Snoop Dogg and “Kiss” frontman Gene Simmons all made mentions of the cryptocurrency on Twitter.
Doge Mania Fizzling Out?: Musk’s a number of tweets of late have seemingly led to misplaced surges in minor cash like Marscoin (MARS) and Shiba Inu (SHIB). As for Dogecoin itself, the Muskian impression would not appear to be the identical as earlier than.
This month, Musk known as on Coinbase to help Dogecoin. Not solely did this occasion ship the improper cryptocurrency hovering, which is Shiba Inu, DOGE ended 6.08% decrease for the day.
See additionally: How to Buy Dogecoin (DOGE)
Dogecoin is up about 850% in 2021 to press time, with surge primarily coming early within the 12 months pushed by Musk. Over the previous 30 days, the meme cryptocurrency is down 3.5% at $0.0533.
Earlier within the month, Musk stated DOGE has a “legendary merchandise” in its arsenal — a meme defend in opposition to value drops.
Regardless of Musk’s optimism, some cryptocurrency consultants are uncertain that DOGE would ever reach $1 levels. The co-creator of DOGE Billy Markus advised Benzinga that the “price of a coin is actually what anybody needs to buy it for at a specific time.”
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