How Elon Musk’s Tweets Have Moved Not Just Dogecoin but The Whole Crypto Market
Elon Musk, CEO of Tesla, the techno king, the Doge father and others are among his many appellations. Once named the richest man in the world, according to Forbes, with a net worth of over 150 billion US dollars is quite the influential man, not by wealth alone, but by sheer genius. Everywhere he steps into tends to get shaken up right to its very foundation.
Elon Musk gave it a different definition when he maximized it to cause some impressive movements in the crypto market. His impacts differed from lifting Dogecoin to inadvertently causing a slip in its price due to sell offs and inspiring a crash and the value of Bitcoin. It took just one tweet at a time.
Elon Musk, a man of big dreams
Consider where Tesla and its electric vehicles began. This is a direct result of something no one expected. Elon Musk has made it possible for an electric car to be taken more seriously. He single-handedly opened a niche within the strict automotive sector. And while other vehicle manufacturers only made gas-powered vehicles, this occurred. He foresaw the future of integrated electric cars. The first corporation to reserve that area first started developing their own electric vehicles.
He’s a man of big dreams, especially with his notable drive towards a space project at SpaceX that’s become so popular for its drive towards securing the prospects of a new life beyond Earth’s atmosphere. He’s committed massive efforts to building rockets and has already launched his satellites into space for the global Internet project that’s expected to kick off soon.
He’s a forerunner to inspire many people to be purposeful in their life, choices and contributions to the world at large. The cryptocurrency industry has entertained his genius, and his impact has been felt quite heavily in several quarters of the crypto market.
The relationship between Dogecoin and Elon Musk
The relationship between Dogecoin and Elon Musk started as far back as 2019, according to some reports. But it’s unsure because there’s little empirical evidence to show that fact. What most people will agree to is the fact that Elon Musk became actively involved with Dogecoin this year rather than back then. It would be more plausible to say that Elon Musk had probably bought into Dogecoin in 2019 and that would have been kept under wraps.
It is a known fact that Elon Musk is a suspect in the mystery about the ownership of the mysterious wallet that holds about 28 percent of the entire Doge supply. Many feel he is guarding his interest and increasing the value of Dogecoin with his periodic interference and tweets. Tweets have often been deemed to be one of the most vital movers of people’s interest, given the level of engagement and influence it has on people and the diverse ways in which it can be used.
An Elon Musk tweet would initiate a definitive spike
The effect that a tweet about how harmful the Bitcoin mining process is to the environment had on the market, he also tweeted that Coinbase should enlist Dogecoin as an asset on their platform because it would attract institutional investors to the crypto. Now that this has been done, at least on Coinbase Pro. investors are expected of Dogecoin chances of securing the investments of large firms and companies as a gains traction and further adoption.
An increase in its utility, courtesy of Elon Musk and his companies, along with many of his notable tweets, will do great credit to this cause. Predictions for Dogecoin in the short term still lie on Elon Musk helping the coin reach the dollar.
The Dogecoin chart shows still in a pretty bearish outlook, and it’s been said that it looks more like it could turn further into a dip and lie slightly above the law support at 25 cents from its current price level of 32 cents, an Elon Musk tweet would initiate a definitive spike and then Dogecoin would attempt to break out of the current dip. This is something we all waiting for.