Is Elon Musk Really Tweeting About Dogecoin Again? Yes And No

0

Last Updated on 25 October 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
View all posts

In the second quarter of 2021, the value of memecoin Dogecoin shot to an all-time high of around 75 cents. Some claim that this was mostly due to its most famous backer, Tesla and SpaceX CEO Elon Musk. Back in 2020, Musk had sometimes made jokes about Dogecoin, shooting the value up by several percentage points. Still, it never did more than 1 or two cents in value and most people ignored it.

But in the spring of 2021, Musk, who would soon present the late night show SNL, got Dogecoin to go up to 75 cents. Afterwards the most famous jokecoin dropped back down to 20 cents over the summer, and has remained there since.

At the time, the SEC (the Securities and Exchange Commission) was even rumored to be looking into Elon again (he got in trouble with the SEC before for speaking out against shortsellers of Tesla stock on his Twitter feed) for doing so. Elon has since mostly stopped tweeting about Dogecoin, until he did it three times this past weekend.

Advertentie.

Uberfacts

Last week Friday, it was announced that Musk’s net worth had skyrocketed because of Tesla, whose stock price had kept increasing over the months.

As the company’s shares rose to a new high above $900 per share, a twitter account called Uberfacts joked that Musk would soon become the world’s first trillionaire (however they made the mistake of reporting this would be thanks to SpaceX instead of Tesla).

Musk, never shy of a Twitter reply, soon corrected the account and stated he would indeed become a trillionaire, but only if you counted it in Dogecoin.

Then on Sunday, a rumor was launched that a known Tesla executive, Jared Birchall, would be on the board of the newly formed Dogecoin foundation.

Birchall is the CEO of Neuralink, a neurotechnology company founded by Elon Musk. On top of that, he is also the Managing Director of Musk’s family office, Excession LLC.

Because of this, Musk also felt he needed to reply, claiming that:

Neither Jared, nor me, nor anyone I know has anything to do with this foundation.

Lastly, Dogecoin bagholder Glauber Contessoto also talked about his favorite coin this weekend, retweeting an article that claimed one third of all American crypto holders have some Dogecoin.

Yesterday Musk replied to this one as well:

Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.

Because of all this, the value of Doge itself fared well over the past few days, and is up from 23 to 27 cents over the weekend (up some 35% from about a month ago). Much Wow but no idea whether this is the start of another bull run of course.