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Dogecoin, the popular Cryptocurrency with a Shiba Inu dog as it’s logo jumped in price by 4% in a few minutes, after it was mentioned in a tweet of Elon Musk.
Doges ftw pic.twitter.com/bl0trQ7BdU
— Elon Musk (@elonmusk) July 19, 2023
The value of the currency went up from $0.069 to $0.072 after the post. Then Dogecoin immediately went down and now has hovered around $0.07.
The Shiba Inu Coin also experienced a jump after this tweet but went down to the original price shortly thereafter.
Elon Musk has a rich history of commenting on cryptocurrencies, especially on Dogecoin. The market can, and often does, react swiftly to his words. The value of artificial intelligence-related tokens experienced a similar surge after Musk announced his new AI-focused venture, aimed at challenging the popular chatbot ChatGPT.
Within the crypto community, there is speculation that Musk may be a substantial holder of DOGE due to his keen interest in the token. Notably, during his appearance on the “Saturday Night Live” show in May 2021, he dedicated a segment to DOGE, coinciding with its peak price of 73 cents, as reported by CoinGecko. The token has since greatly declined, losing approximately 90% of its market value.
What is also interesting is that Musk’s recent comments are coming closely before Tesla’s second-quarter earnings report, which is scheduled for later this afternoon. It’s should be noted that during the automaker’s Q2 earnings report last year the company revealed the sale of some of its Bitcoin holdings. This context adds an intriguing layer to Musk’s current remarks.
The world of crypto is undeniably influenced by Elon Musk’s statements, and today’s developments hold even greater significance with Tesla’s upcoming earnings report. The passion and excitement surrounding these events are palpable, as we eagerly await the outcome and its potential impact on the market.
Ashleigh