Briefly –
- Elon’s new Twitter profile pictures show him reflecting Dogecoin in his glasses.
- Dogecoin saw its price jumping by 10% on Sunday. However, not what it would have done some months ago.
- The crypto has plummeted since, losing around half of its surges to trade at $0.18.
Although the Tesla executive might not be enough to move the financial markets, his action can initiate significant price movements. Recently, the tech billion changed his Twitter display photo with DOGE replicating in his sunglasses.
As much as the meme coin did not have a 10-times rally, it witnessed a 10% uptick on Sunday. Keep in mind that the hike happened even after Jackson Palmer, Dogecoin co-founder, made a U-turn criticizing cryptocurrency.
Elon Musk changed his Twitter profile photo one day after the executive declared that his son holds Dogecoin.
Billy Markus, DOGE’S other co-founder, posted a meme about Musk’s powers to move the market. That is debatable since Dogecoin has lost about half of its gains since then. According to stats by Coinmarketcap, Dogecoin values $0.18 at the moment.
Unlike some months ago, Musk seems to have lost influence to the Dogecoin market through his tweets.
In early January, Dogecoin traded at $0.004 before registering 15,000% gains to value at $0.70, the peak price in May. With the rally, individuals like Aziz McMahon, a Goldman Sachs executive, managed to quit their jobs after cashing out. Unfortunately, the asset has plunged by more than 70% since the record peaks.
Musk the ‘Dogefather’
Dogecoin is an alternative coin that started as an internet meme. However, with the presence of Elon Musk, the asset managed to gain mainstream. The Tesla CEO promoted the meme currency through his tweets.
Elon Musk branded himself a Dogefather after contributing to the alt’s authenticity and popularity.
The cryptocurrency community criticized Elon Musk for his volatile influence some weeks ago. Some market players even create a digital coin, StopElon, to make their messages sound.
Changpeng Zhao, Binance CEO commented saying that Musk is irresponsible about his crypto commentary.
Do you think that Elon Musk is enough to move the market at the moment? Comment below.
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