CEO of Tesla, who also happens to be the richest meme master, has once again teased the Dogecoin community by updating his Twitter profile with the joke currency symbol. DOGE price quickly spiked by 20% following Elon Musk’s action, which many interpret as signs of better things to come for DOGE.
Elon Musk shows his affinity for DOGE, which was apparently an experiment by the founder but has since blown up even to the surprise of the founder Billy Markus, an IBM software engineer.
On Sunday, July 18th, Elon Musk who has been relatively quiet as opposed to his usual way of posting about cryptocurrencies, most especially DOGE and BTC posted a profile picture of himself with a pair of sunglasses on. However, the sunglasses reflected the Shiba Inu logo for Dogecoin. It didn’t take long for the DOGE community to see the updated profile picture, which consequently saw DOGE pump nearly 20%. But the pump was short-lived, and the price of DOGE is now only up over 10% on Sunday.
Musk’s tweet and the sharp rally in DOGE price sent DOGE to be the 2nd top gainer on Coinmarketcap before the eventual loss in steam. Meanwhile, Elon Musk replied to a tweet when a social media user posted a meme asking Musk to comment. Apparently, the meme tweet was asking if Elon Musk’s son nicknamed Lil X was buying DOGE, Musk replied, saying
“Lil X is hodling his Doge like a champ. Literally never said the word “sell” even once!”
Since Musk jokingly tweeted that he is the CEO of the joke currency, Elon Musk doesn’t shy away from using memes to tickle cryptocurrency fans. Some of his memes appear cryptic, while others could be pretty direct. For example, one of his memes last year showed DOGE covering the larger financial space with Musk posting that “it is inevitable”.
For the more significant part of this year, Musk has been tweeting about cryptocurrencies. Many within crypto circles believe Musk’s tweet was responsible for pumping DOGE’s price to it's all-time high of $0.74 before he featured on Saturday Night Live. The price of DOGE started a downward spiral when Musk called it “a hustle” in the SNL show and worsened as the general crypto market tumbled in May. Musk later turned on Bitcoin when he posted that Tesla would stop accepting BTC as a form of payment for Tesla cars attracting a torrent of criticisms from the Bitcoin community.
In addition to his tweets which many argued was what initiated what appears to be Crypto Winter 2.0, Elon Musk brought up concerns about Bitcoin’s decentralisation, arguing that only a few miners’ regions in Asia controlled half the network’s hash power. He would later tweet that Tesla would resume BTC as a payment option when the mining energy for the network goes considerably green but that he is more interested in making DOGE at that moment.