Elon Musk manages to surge his favorite cryptocurrency using words on social media. Tesla CEO is well-known to make occasional tweets on Dogecoin.
And the market price often starts to make a jump with the words. It went the same on Thursday, following his mention of the digital asset.
“How much is that Doge in the window?” – he tweeted at 4:41 pm on May 20. Dave Lee predicted Elon to hold the Doge forever without selling. And Musk’s reply implied – “Yeah, I haven’t & won’t sell any Doge”.
DOGE’s price initiated a spike to gain about 11%, exceeding the $0.4 value. CoinDesk reports a maximum value of $0.429715 within the last 24 hours.
Not to mention, one increasing spike took place in an hour of Musk’s tweet. However, DOGE is currently holding a $0.388528 tag at around 2 am ET.
Linear curve reveals absolute randomness in market value with continuous gain and fall.
Musk remains the loudest speaker of Dogecoin since February-March of 2021. Also, he remained active on Bitcoin in earlier months. His tweets kept soaring the overall market value in no time.
Its 1-day return counts a reasonable 1.81% against the 24-hour $0.349312 mark. In fact, it’s likely the only major crypto to show profits on Thursday.
Likewise, many are accusing SpaceX boss to attempt illegal manipulation of the stock. His support for crypto faced extreme criticism in the light of recent events.
Dogecoin immediately fell when he referred to the crypto as a ‘hustle’ on Saturday Night Live. And the announcement of Bitcoin banishment literally shook the entire crypto market. Tesla’s investment in bitcoin worth $1.5Bn came to a halt on climate concerns.
Bitcoin, Ethereum, Litecoin, Ripple and even Dogecoin lost a considerable amount of value. Total loss counted nearly $600Bn to dip the cryptos’ entire market cap.
Many accused Musk of the week-long anxious downfall of major crypto assets. Of course, major cryptos already started to show positivity from Wednesday.
And relevant authorities are rumored to conduct an investigation on the issue. But there’s nobody available to make any comments to justify the claims.
