MEXCElon Musk Tweets and His Favorite Cryptocurrency Pumps, Again!
When Elon Musk, one of the greatest tech entrepreneur and innovators of all time tweets about something, it is sure to turn some heads. However, his tweets cannot be trusted because of his popularity for trolling on social media. That includes remarks on Tesla Stock index which has a market capitalization of $278.21 Billion.
In the past, he has called himself the CEO of the Dogecoin. Today, he tweeted this,
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
For all intents and purposes, it is purely a meme. It likely bears no relevance to his beliefs about Bitcoin or over other cryptocurrencies at large. For all we know, Musk owns a very small amount of Bitcoin.
Nevertheless, his Dogecoin tweets are devilish trolling on the crypto community. This is because Dogecoin is a troll itself, but is very much real.
The Epic Troll
The creators of the cryptocurrency wanted to create a joke on the rise of the numerous altcoins mimicking Bitcoin. The logo itself comes from the popular ‘quizzical Shiba Inu’ meme popular back in the days.
After its initial days of trolling and charitable work led by the founders, Dogecoin, like the rest of crypto, was getting exploited. It was being used by scammers and trading whales to cause a pump-and-dump on the market. During such a time, it’s co-creator Billy Markus wrote.
“Dogecoin is meant to be a fun cryptocurrency, one that encourages people to tip and to learn and teach this technology. It also, like every cryptocurrency, can have a maddeningly capricious nature. The novelty will not last forever, but if you want the community to last, that is where you come in,”
Recently, Tiktokers attempted to cause an astronomical pump in $DOGE. However, it trend only lasted for a couple of days, nonetheless, yielding around 150%. The mining of Dogecoin is easy as well but hardly yields any profit. The participation in Dogecoin is voluntary and the creators would love to see it doing good to the community.
Nevertheless, such pumps spread awareness about the cryptocurrency to new people and also engages more ‘hodlers’ and traders looking to gain from the market moves in the short or long-term. Just this morning, Elon’s tweet caused a 20% rise in its price.
What do you think it says about the crypto markets, vulnerability or longevity? Please share your views with us.
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days
- €648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs
- Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
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.
