Benzinga - Elon Musk, the CEO of Tesla, SpaceX and Twitter, is a force in the world of crypto, especially while wielding his influence over Dogecoin (CRYPTO: DOGE).
Musk's tweets have been known to send the price of DOGE skyrocketing or plummeting in a rollercoaster ride of digital wealth. That’s why we will delve into the top 5 most influential tweets by Musk, exploring the dramatic impact these messages had on Dogecoin's value.
1. The People’s Crypto On Feb. 4, 2021, Musk referred to Dogecoin as the "people's crypto," causing the meme-based cryptocurrency to surge 50% instantly and start a bull run that reached up to +166% in the following days.
Dogecoin is the people’s crypto2. The Dogefather On April 28, 2021, one of Musk's tweets about his upcoming appearance on Saturday Night Live (SNL) read, "The Dogefather SNL May 8." This tweet sparked anticipation among investors, leading to a 192% increase in Dogecoin's price before the episode.— Elon Musk (@elonmusk) February 4, 2021
However, the price dropped following Musk's appearance on SNL, where he referred to Dogecoin as a "hustle." After the appearance DOGE's fell by almost 78% of its total value in two months — from $0.73 to $0.16.
The Dogefather3. Doge Devs Collab Throughout those two months of freefall after SNL, Musk wasn't idle. Amid the decline, he took to his personal Twitter account to discuss DOGE, asserting that he was collaborating with the project's developers to enhance transaction efficiency. Naturally, investors seized upon this comment, as they often do, propelling the token to climb in value by 75% only to get back to continue its downtrend to $0.16.SNL May 8
— Elon Musk (@elonmusk) April 28, 2021
Working with Doge devs to improve system transaction efficiency. Potentially promising.4. Let that Sink In Another unforgettable moment in this saga of tweets was, of course, Musk's acquisition of Twitter.— Elon Musk (@elonmusk) May 13, 2021
Investors didn't hesitate to go long on DOGE, speculating on a potential integration between the platform and the token, given the entrepreneur's fanaticism for both projects.
In this instance, the ensuing rally propelled the token to surge by up to 160% within just 7 days.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq75. Twitter's New Icon Just a week ago, we experienced another of Musk´s Twitter adventures. The Twitter homepage saw the Dogecoin logo replace its iconic blue icon, leading to a 38% surge in DOGE's price.— Elon Musk (@elonmusk) October 26, 2022
pic.twitter.com/wmN5WxUhfQCurrently, Musk faces a $250-million lawsuit from Dogecoin investors alleging a pyramid-scheme-type plot to inflate the coin's price, which his lawyers have dismissed as "fiction." While Musk's charisma may contribute to the widespread adoption of cryptocurrencies, each remark he makes generates significant financial shifts, putting inexperienced investors' capital at risk.— Elon Musk (@elonmusk) April 3, 2023
It is crucial to exercise extreme caution when trading, particularly with volatile financial assets influenced by highly subjective speculation, such as memes and tweets.
Price Action: At the time of writing, DOGE was trading at $0.084 (+0.71%) according to Coinmarketcap.
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