How Elon Musk’s Tweets Make Dogecoin Go Woof!

Dogecoin is a cryptocurrency that started as a joke in 2013, based on the internet meme of a cute Shiba Inu dog. But over the years, it has become a serious contender in the crypto world, with a market value of over $8.6 billion as of June 2023.


And one of the main reasons behind Dogecoin’s success is the tweets of Elon Musk, the billionaire boss of Tesla and SpaceX.

Musk has been tweeting about Dogecoin since April 2019, when he was voted as the “CEO of Dogecoin” in a poll by the coin’s official Twitter account. He accepted the title with a wink and a smile, and since then, he has been posting all kinds of tweets about Dogecoin, from memes, jokes, compliments, predictions, and even tips for improving the coin’s technology.

Many of these tweets have had a huge impact on Dogecoin’s price, making it go up or down like a roller coaster. For example, on February 4, 2021, Musk tweeted “Doge” followed by a picture of a rocket and the moon, suggesting that Dogecoin’s price would soar to the sky.


Within an hour, the coin’s price jumped by 50%, from $0.03 to $0.045. On June 19, 2022, Musk tweeted “I will keep supporting Dogecoin”, which made the coin’s price rise by 35%, from $0.18 to $0.24.

But not all of Musk’s tweets have been good for Dogecoin. On May 8, 2021, Musk hosted Saturday Night Live, where he called Dogecoin “a hustle” in a comedy sketch. This made the coin’s price crash by 30%, from $0.66 to $0.46. On June 3, 2021, Musk tweeted “Canada USA Mexico”, which some people thought was an acronym for “CUM”, a rival cryptocurrency that aims to donate to charities for every transaction. This sparked a panic among Dogecoin holders, who sold their coins and made the price drop by 10%, from $0.39 to $0.35.

The question is: Is Musk playing with Dogecoin’s price with his tweets on purpose, or is he just having fun and showing his love for the coin?
There is no clear answer to this question, as Musk’s motives and intentions are hard to figure out. But here are some possible explanations:

• Musk is a fan of Dogecoin and wants to spread the word about it as a fun and easy way to get into cryptocurrencies. He has said that he likes Dogecoin because it has “dogs and memes”, and that it is “the people’s crypto” .
• Musk is using Dogecoin as a way to troll the cryptocurrency industry and the regulators who have scolded him for his market-moving tweets. He has admitted that he likes to make jokes on Twitter that make people “mad” .
• Musk is experimenting with the power of social media and its influence on financial markets. He is curious about how memes can affect the value of assets, and how his followers can create a feedback loop of hype and demand .
• Musk is trying to help Dogecoin improve its technology and adoption by providing feedback and suggestions. He has tweeted about working with Dogecoin developers to increase the speed, efficiency, and scalability of the coin . He has also proposed that Tesla could accept Dogecoin as a payment option in the future .

No matter what Musk’s reasons are for tweeting about Dogecoin, it is obvious that he has a big impact on the coin’s price and popularity. But this also means that Dogecoin is very unstable and dependent on Musk’s mood swings, which could be risky for investors who are looking for long-term stability and growth.

So if you are interested in buying or selling Dogecoin, you should do your own research and be ready for the consequences of Musk’s tweets.