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Dogecoin surges by 25% after Elon’s new tweet

Dogecoin was sitting calmly for quite some time now, but it was just a matter of time before Elon tweeted. Almost 17 hours back, Elon tweeted a single word with an image of the meme dog on the moon. And the cryptocurrency surged by 25% just after that. After the rise of the price of the cryptocurrency, it has again been going down constantly, like every time. I believe Elon Musk’s consistent tweets on the cryptocurrency have now become more of a pump and dump scheme for investors. So, I don’t think it’s a good idea in the cryptocurrency may be holding and selling every time the price rises can be a good idea.

Dogecoin to the moon!

Dogecoin has been literally skyrocketing every time Elon tweets about it. Even in the past, the price of cryptocurrency has surged drastically after Elon tweeted about it. A while back, Musk tweeted that he purchased some Dogecpins for his kid, and that sent the price of the cryptocurrency straight from Rs 5.5 to Rs 7.1. After this, the price slowly came down to about Rs 4, and now it has surged again.

Dogecoin

Image Source: Seeking Alpha

Elon is a real advocate of Dogecoin, and it shows that no matter what, he tweets about it from time to time. By the very nature of the currency, the fact that people don’t take it seriously can be a reason for its success. Elon has time and again said that Dogecoin could become the future currency of the planet. I know it is a real stretch, but Dogecoin can be a valuable asset like Bitcoin with time.

Elon is so in favor of the cryptocurrency that he insisted investors who are holding more than half of Dogecoin in existence to dump it. This way, the currency will become more tradable and help it to actually become the currency of the internet. He even agreed to pay real money to those who agree to do this.


What are your thoughts on the most recent tweet made by Elon Musk?  And do you think that Musk really believes in cryptocurrency or is just messing around? let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.

Also Read: MicroStrategy buys $1 billion worth of Bitcoin in the latest dip

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