Tesla CEO and tech entrepreneur Elon Musk, who seems to have an affinity towards cryptocurrency, supported DOGE through tweets after its price raced close to 420% in 24 hours.
A news article on yahoo finance pointed out Tesla CEO and tech entrepreneur Elon Musk tweeting in support of DOGE after its price surprising its all-time high with 420.9%. Musk’s tweet had a digital magazine cover of a dog.
The image was clear support to the digital currency Dogecoin. Dogecoin or DOGE is a digital currency that began as a joke that surpassed an all-time high, surging 420.9% in 24 hours. The information was confirmed by CoinMarketCap, a data analytics platform.
Rachel, who is an investor in Dogecoin, had this to tweet about Elon Musk supporting it.
I built my first PC to experiment with dogecoin mining years ago; it was a friendly coin, more for learning than investing. That Elon Musk is making its prices soar (again) is surreal. Will doge end up worth more to me than a 10 year career in tech? ?https://t.co/dGqNAE1PPw
— Rachel (@t0ky0rachel) January 29, 2021
Dogecoin is trading at $0.03831 now. Elon Musk’s followers on Twitter, who number more than 40 million, instantly understood that the billionaire was referring to DOGE. It may be recalled that this is not the first time Elon Musk has given his rubber stamp on the Dogecoin.
Last year in December 2020, he merely wrote, “One word: Doge,” and that was sufficient to send DOGE into a massive 20% surge. In July 2020, he had approved Dogecoin, with a tweet, as a force to reckon to cause it to see a 14% spike.
It looks like social media platforms are becoming a handy tool to crush naysayers in the crypto market. Recently a Reddit army crushed Wall Street, causing a colossal meltdown among traders and investors there who couldn’t believe what was happening in front of their eyes.
The options trading, the subreddit r/wallstreetbets is now all over the front pages of not only Reddit but also major news publications globally. The group could effortlessly bail out GameStop, a video game retailer, from nowhere to 1,700%.
This was done in a very short period this month. For now, wallstreetbets has the capability of moving markets, and you do not want to miss out on it. Not to be left out of the action, Musk had tweeted, “Gamestonk!!”.
It looks like Elon Musk is truly a legend on Twitter, and his few words have the power to either make or break business deals that are capable of causing major upsets. A man of a few words indeed on Twitter.