The euphoria surrounding cryptocurrencies at the start of the year has been impacted by increased talk of regulation around the globe, which has weighed on bitcoin’s price. Bitcoin was trading at about $32,400, as of Thursday afternoon, following the most popular cryptocurrency’s drop below the $30,000 mark two days before for the first time in a month.

Musk, voted dogecoin CEO in a 2019 Twitter poll, has enthusiastically embraced the meme-happy dogecoin community, calling dogecoin his “fav” cryptocurrency. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world’s media organizations, industry events and directly to consumers. On Jan. 28, dogecoin became the most tweeted-about cryptocurrency in a single day, beating a bitcoin single-day record from Jan. 2.

Although he is very fond of the DOGE, Musk confirmed that he owned more bitcoin than Dogecoin or ethereum. This comes as no surprise as the billionaire had always been bullish on bitcoin and continues to back the asset. Dogecoin continues to remain on Elon Musk’s list as the billionaire confirmed he held Doge, bitcoin, and ethereum. Speaking at the B Word conference on Thursday, Elon Musk confirmed that he held a couple of cryptos. The digital assets he held included bitcoin, ethereum, and no other than Dogecoin.

While young investors are excited about the potential to get rick quick, Matthew Roling, a Wayne State University adjunct professor of finance, is worried the inflated hype will end in deflated bank accounts. Dogecoin originated in 2013 with the iconic Shiba Inu as its mascot. After the SpaceX and Telsa CEO started tweeting about the cryptocurrency, the stocks skyrocketed with a 12,000% increase since the beginning of 2021. Cryptocurrency crypto exchanger enthusiasts and blockchain backers see serious potential for top coins like Bitcoinand Ethereum, which could upend traditional financial systems and impact a wide array of industries. In a cuteness comparison, Baby Doge developers claim the token scores 9,000, while Dogecoin comes in at 5,000, and Shiba Inu rates… 100. The way things are going, maybe that’s the only crypto metric that really matters these days.

Dogecoin Is Braced For An Elon Musk Bombshell This Week As Its Price Suddenly Bounces Back

They have also formed a coin called $STOPELON dedicated to stopping the Tesla and SpaceX CEO. This development comes at a time when the prices of Bitcoin, Dogecoin and other cryptocurrencies have plunged nearly 30 per cent in recent weeks. The group describes itself as a “community driven movement to stop the biggest market manipulator of them all”. A picture of the Tesla CEO’s new pet has been published on social media and as a result of Musk’s post, Dogecoin’s price has risen. After Musk’s tweet, not just Dogecoin, but also related altcoins like Baby Doge, Floki Inu witnessed a rise in value as well. Legally, they’re treated as commodities, like gold, and sometimes they’re used as currencies, like dollars. “A CEO is not going to get in trouble for saying Jay Powell should change interest rates because our dollar could be weaker or stronger.” Those markets are also, in theory, supposed to be harder to swing. Unless that hypothetical tweet came from Powell himself, it probably wouldn’t have any impact.

Elon Musk and Mark Cuban have both made tweets supporting the meme-inspired cryptocurrency. “he bubble eventually has to burst and you’re going to be left shortchanged if you don’t get out in time,” David Kimberley, an analyst at U.K. “And it’s almost impossible to say when that’s going to happen.” Eight years ago, dogecoin was created as a parody faster and “fun” alternative to bitcoin by software engineers Billy Markus and Jackson Palmer. Though this was an unusual surge for the cryptocurrency, Contessoto doesn’t intend to sell anytime soon. The next day, under his username iUsedToCallDogeDodge, Contessoto posted on subreddit r/dogecoin. He wrote, “Hey guys I just became a dogecoin millionaire,” and attached a screenshot of his dogecoin holdings on Robinhood, showing a balance of $1,081,441.29.

The billionaire Tesla CEO once called dogecoin his “fav” cryptocurrency and “the people’s crypto.” Musk is also a supporter of bitcoin, with his electric car company having amassed nearly $2.5 billion worth of the cryptocurrency. The tweet came after a week of investor enthusiasm for the meme coin, which sent the price surging to a record high of $0.68 on Wednesday. It rose to the fourth-most valuable cryptocurrency on the market, according to Forbes. “If the price of bitcoin goes down, I lose money,” Musk said during the discussion hosted on a website for a “Bitcoin-focused initiative” called “The B Word” on Tuesday, along with Twitter CEO Jack Dorseyand Ark Invest CEO Cathie Wood.

Why Is Elon Musk Pumping This Meme Cryptocurrency

With the rise of app-based tools that let anyone buy and sell stock at a moment’s notice, retail investors have increasingly looked to certain influential cryptocurrency trading people for signals on what to buy and sell. For Tesla stock, Musk is required to tweet things that are true and don’t preview confidential information.

Jordan Belfort Calls Out Elon Musk After His Bitcoin Comments

Musk’s recent dogecoin posts, which he himself has previously said shouldn’t be taken seriously, have helped the “joke” cryptocurrency remain relevant. “Dogecoin is the people’s crypto,” Musk tweeted very late on Wednesday night. He added, “No highs, no lows, only Doge,” and shared a Lion King meme of himself as the monkey Rafiki holding up baby Simba with a Doge head. Dogecoin began to lose steam on Tuesday, and now, the cryptocurrency is trading at about 28 cents, according to CoinGecko, with a market value of about $36 billion. Whatever be his reasons for the tweet about the coin, it led to one of the most discussed cryptos of the year. The spur on the Reddit board by WallStreetBets, other chat groups and tweets by Elon Musk resulted in rocketing the value of the cryptocurrency at 800% in 24 hours. DOGE is notably susceptible to buzz, with social media volume — especially positive sentiment social media volume during American daytime hours — consistently driving the currency higher.

Musk’s public endorsements of cryptocurrencies have angered some financial experts. In an interview with CoinDesk not long after the SEC filing, economist Nouriel Roubini called on the SEC to investigate Musk for market manipulation. Elon Musk “knows he has the market impact to manipulate, first take an individual position in Bitcoin, pump the price up, and then say that Tesla has invested,” Roubini told CoinDesk. The SEC should be looking into people that have a market impact, and that manipulate the price of assets.

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It’s pretty cool.” And as Musk has proven multiple times, his tweets can move markets—which has gotten him into legal trouble in the past. The No. 12 largest cryptocurrency, with a market cap of $6.1 billion, is a joke. “People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up, and then they can sell off and make a quick buck,” Kimberley said. Mark Cuban, the owner of basketball team the Dallas Mavericks, has made several posts about the meme-based token this week.

He also appreciated that it was inspired by the Shiba Inu “Doge” meme, he says. In the age of the Internet, memes have become currency and billionaires have become influencers. Dogecoin was born out of a joke, but with Elon Musk’s endorsement the value of the cryptocurrency could mean real success or failure for its investors. Musk has previously paid lip service to investor caution on crypto. In the February 2021 TMZ interview he tweeted out, Musk had mused that there was “a good chance that crypto is the future currency of Earth,” but noted that it would be “unwise” to invest life savings in the highly unstable asset. In summer 2020, Dogecoin began to earn more attention on social media, including from Teslaand SpaceX CEO Elon Musk as well as YouTube star Jake Paul. Attempts to pump the price up to $1 per coin didn’t pan out, but the price did start gradually creeping up toward the end of the year — even though it still mostly sat beneath one cent per coin.

  • “The most ironic and entertaining outcome would be that the cryptocurrency that was started as a joke to make fun of cryptocurrencies ends up being the leading cryptocurrency.”
  • The meme-inspired cryptocurrency hit a record high above 45 cents earlier this month, sparking fears of a potential bubble in the crypto market.
  • Ahead of Musk’s Saturday Night Live performance, Dogecoin was 63 cents a share at 4 p.m.

In January, the Blockchain Research Lab published a paper, “How Elon Musk’s Twitter activity moves cryptocurrency market,” that found six instances of Musk’s social media activity propelling DOGE higher. The latest addition to the Doge’s meme token family runs on Binance Smart Chain and was trending this week, following its walk-by-promotion by Musk. How To Easily Trade Your Cryptocurrency in 2021 The announcement from the CEO has supposedly given some significant boost to the market. Prices of coins have been sluggish as bitcoin had fallen below $30,000 for the second time in a one-month span. The SpaceX CEO is fondly known in the community as the Dogefather. And it seems the Dogefather has not yet forsaken his beloved cryptocurrency.

Though it’s unclear if Musk’s tweets in support of the coin have been serious, “I think the guy is a genius,” Contessoto says. The cryptocurrency can be used for storing and transactions, however, it is known for tipping system on Twitter and Reddit that enables users with a reward by participating in the community and creating or sharing great content. The cryptocurrency that started as a joke is now surging the market.

Why Is Elon Musk Pumping This Meme Cryptocurrency

The price of bitcoin broke $32,000 on an upward trend after Musk made the announcement. Both digital assets had both seen prices go up past $2,000 and $0.19 respectively. Even though the company stopped accepting bitcoin payments, Musk did not stop holding. The SpaceX CEO also confirmed at the conference that SpaceX continues to hold the digital asset.

This buffer gains all the more significance in the emerging challenging environment for Tesla in China, where the state media has been quite vocal in pointing out the purportedly shoddy build quality of Tesla vehicles. DOGE) meme token that owes its fame to the notorious crypto Cryptocurrency wallet influencer, Daddy Doge is one of the newer follow-up tokens that are chasing profits from price pumps orchestrated through intense on-line shilling. Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Jordan Belfort Argues Elon Musk ‘inadvertently Being Used’ To ‘pump And Dump’ Cryptos

Some people have welcomed his support to digital assets such as Dogecoin — and even Bitcoin, previously — but others have accused him of being a “manipulator” who is using his position and massive following to influence the crypto market. Now, some cryptocurrency enthusiasts have formed a group to “stop Elon” from tweeting on the subject and focus more on building cars instead. Dogecoin’s price has soared 20% in the last 24 hours to 32 cents, according to data from Coin Metrics. The meme-inspired cryptocurrency hit a record high above 45 cents earlier this month, sparking fears of a potential bubble in the crypto market. Amidst January’s meme stock fiasco, in which social media-led buying sprees sent the prices for GameStop, AMC, and other stocks soaring, investors began looking for the next stock to buy cheap and try to pump to startling new heights. In just over a week, Dogecoin’s price jumped from under a penny to nearly $0.08 per coin, before settling around $0.05 for most of spring. The Tesla CEO even reversed his company’s position on accepting Bitcoin as payment over climate concerns.

He doesn’t plan to watch Musk’s SNL performance but he will check the stocks the next morning, he said. Musk’s influence hasn’t been the driving factor for all young investors, though. Arun Datta, University of Michigan alumnus and University of Texas graduate student studying business, said he invested $70 in Dogecoin as an experiment at the beginning of the year. That disclaimer arrived on the heels of a Tesla SEC filing, which revealed that the electric car company had invested roughly $1.5 billion in Bitcoin. Not long after the filing, Tesla announced that it planned to start accepting Bitcoin as payment.

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