For those that haven't been following Elon Musk on Twitter, the Tesla CEO has had quite an opinion regarding cryptocurrency and especially Dogecoin. Dogecoin has recently been thrown into the spotlight when a number of traders from the whole r/WallStreetBets Reddit group, which caused GameStop stock to soar, decided to take interest in DOGE.
Gamestop frenzy and Dogecoin
As of the moment, GameStop investors still believe that the stock is undervalued according to an article by Seeking Alpha. While GameStop has slowly faded from the spotlight, DogeCoin now reportedly grows even more popular by the day.
DogeCoin reportedly went all the way from just $0.007 a token up to $0.07 each which is a massive growth of around 1000%. Elon Musk has also been developing some sort of fascination with DOGE and a number of analysts actually believe that his Tweets were also part of the reason for the coin's huge surge.
Elon Musk Dogecoin
The real question is why would Elon Musk gain a fascination with Dogecoin and when did he first notice it? The Tesla CEO's first ever tweet regarding DOGE was on April 19, 2019 when he tweeted out that Dogecoin might actually be his "fav cryptocurrency" even noting it as "pretty cool."
According to an article by FinanceMagnates, however, the real story, however, seems to have started towards the ending of 2020 when Elon Musk had started tweeting out and speaking about DOGE quite regularly. Back on December 21 of 2020, the Tesla CEO even changed his Twitter bio and labeled himself as the "Former CEO of DogeCoin."
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
Dogecoin traders
After what had happened with the whole WSB situation, traders have now started to embrace Dogecoin as one of their own targets this year. Elon Musk's attention to DOGE was also renewed following the huge wave of WSB traders.
Although the whole fascination that Elon Musk had for Dogecoin actually started off as some sort of joke, the world decided to take his own words quite seriously. A number of tweets coming from Elon Musk himself could have been a reason, according to FinanceMagnates, that DOGE was getting more attention and resulted in the Dogecoin stock skyrocketing.
Read Also: Elon Musk Dogecoin Under Investigation by SEC Over Tweets and Promotion of the Cryptocurrency!
What is Dogecoin?
An example of this was recently in February 3 of 2021 when Elon Musk noted that he occasionally makes certain jokes regarding DOGE since it was initially made to make fun of the whole crypto asset. He then noted that what would be the most ironic outcome is if DOGE would then become the basic currency of the earth some time in the future.
This particular tweet was followed with another tweet with a meme that coincidentally went along with a jump in Dogecoin price from $0.031 to $0.057 within just 24 hours! As of the moment, Dogecoin is just one of the many cryptocurrencies at play as of the moment and with Tesla publicly announcing that it had invested in Bitcoin, which then had mixed reactions with investors.
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This article is owned by Tech Times
Written by Urian Buenconsejo
