Elon Musk did it again: Dogecoin soared 36% after his new tweet

The cryptocurrency Dogecoin (DOGE) was born from a meme in 2013, but now its trade it’s hardly a joke. This December 20, after a tweet published by Elon Musk (CEO of Tesla, and SpaceX), this doggy-money successfully soared almost 36% with a market cap of around $686.4 million.

And what was the thing that Elon Musk published, then? Well, it was just Dogecoin. Really, just that… to 41M followers, of course.

There’s not much more to say to the people who know his favorite cryptocurrency is, indeed, Dogecoin. This isn’t the first time he posts on Twitter about it, either. Previously, he even added to his bio the label “CEO of Dogecoin”, and now that has changed to “Former CEO of Dogecoin”.

This same year, in July, he tweeted about how the Dogecoin standard would top over the global financial system. The message came in the form of a meme. However, around the same dates, some tiktokers managed to increase the price of Dogecoin too by buying in mass, as a challenge to earn some money (like a pump-and-dump, yes).

The increase for DOGE was around 50%+ then, albeit temporary. And that was with the probable help (and purchases) of the thousands of subscribers from the TikTok influencers involved. On the other hand, Musk, with barely three words on Twitter, actually achieved a good percentage increase for this cryptocurrency in a very short period.

It’s was kind of temporal, though. DOGE suffered an 11% correction already but didn’t lose all the 36% gained. Now its price is around $0.0047 per token. Meanwhile, Bitcoin is around $22.800 and Ethereum has earned some track as well, reaching $610 per coin.

Elon Musk, Dogecoin, and Bitcoin

In another tweet the same day, Musk published a meme about how Bitcoin represents a temptation for traditional investors. Following the thread, Michael Saylor, CEO of MicroStrategy (one of the higher institutional investors for Bitcoin this year), suggested him to convert $100M in Tesla stocks from USD to BTC.

Apparently, Musk didn’t even know that such large transactions were possible with the cryptocurrency. Saylor affirmed it to him, additionally saying that he has bought $1.3B in BTC by himself.

Other known personalities inside the crypto-world joined the discussion in favor of Bitcoin and cryptos. They include Justin Sun (founder of Tron cryptocurrency), Tone Vays (trader and analyst), and Elizabeth Stark (CEO of Lightning Labs).

Still, it’s uncertain if all this it’s just a joke for Elon Musk. In case isn’t, would he choose to invest in Dogecoin or Bitcoin first? Well, we only can guess today.

Featured Image by FXTM Thailand / Flickr

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Originally published at https://blog.alfa.cash on December 21, 2020.

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Alfacash is an 9-year-old trusted cryptocurrency exchange. We offer crypto-fíat and non-custodial transactions, and valuable knowledge in our blog.

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Alfacash is an 9-year-old trusted cryptocurrency exchange. We offer crypto-fíat and non-custodial transactions, and valuable knowledge in our blog.

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