Elon Musk Returns to Twitter With a Dogecoin Shill Tweet, Dogecoin Soars by 53%

Prashant Jha
February 4, 2021 Updated June 13, 2025
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Elon Musk is back on Twitter just a day after announcing a temporary break from the platform probably owing to the SpaceX launch, however, he could not stay away long from crypto as he gave a shout-out to his ‘favorite’ crypto dogecoin.

Musk is a big-time meme guy and it was only fair that the crypto meme community declared him the unofficial CEO of dogecoin.

Musk recently made headlines after he changed his Twitter bio to Bitcoin and later on the Clubhouse podcast revealed that it was inevitable since he has known about bitcoin since 2013 and believes it is the financial future. During the same interview, he also talked about his liking for dogecoin, the meme cryptocurrency, and a digital token Musk has shilled for quite some time now.

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Would Musk Tweet Pump Doge Again?

Dogecoin pumped nearly 800% during the recent Reddit frenzy driven price pump of GME, AMC, and Silver; as Robinhood halted its trade as well along with the GameStop and AMC. The massive pump saw many celebrities and TikTok traders invest hefty capital into the meme coin, however, Doge price crashed soon after the 800% pump leaving many with significant losses.

The Twitted Bio change by Musk sent Bitcoin price up by nearly 20% within 45 minutes that led to a new term coined by the crypto community called ‘Elon Pump’ and many wanted the serial entrepreneur to tweet about Doge at that time. Now that Musk has finally tweeted about Doge, it reflected almost immediately in its price.

The last pump sent Doge to near $0.08 and its market cap in the top 7 cryptocurrency for a brief period. Many expect the meme currency to repeat its previous pump in the wake of the Elon pump. Musk even acknowledged the recent pump and said that dogecoin is the people’s crypto

The cryptocurrency market cap also went above $1.1 trillion nearly after a month as Ethereum broke $1,600 to create a new ATH and currently in a price discovery mode, on the other hand, bitcoin also broke past $38,000 after 4 days and looks quite bullish as the flow of stablecoin onto exchanges has reached a new all-time-high suggesting growing bullish sentiment in the market.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.