August 5, 2021

Elon Musk’s “Baby Doge” Tweet Spikes The Dogecoin Price

3 min read

Elon Musk has actually continued his Dogecoin rhetoric. The Tesla CEO Elon Musk sent out the cryptocurrency world into a tizzy this weekend with tweets about the Bitcoin joke asset called Dogecoin.

Sadly, his tweets have now spiked the rate of the Shiba Inu, another meme coin.

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His newest episode, firing up the rate of Dogecoin by almost 10 percent on July 1, started at noon on Thursday when Musk tweeted a lyric, “& ldquo; Baby Doge, doo, doo, doo,”

doo, Baby Doge– Elon Musk (@elonmusk)July 1, 2021 Another followed the tweet “on Thursday morning after Mr. Musk tweeted

As an effect, the price of Dogecoin has yet again soared following a recent series of rhetoric from the meme-loving magnate himself –– Elon Musk.

Musk's

 Elon Musk's tweets are certainly pushing the cost to surge|Source: DOGEUSD on TradingView.com Mr. Musk tweeted lyrics to a parody of the popular kids's tune Baby Shark, changing the words with. “& ldquo; Baby Doge, doo, doo & hellip;

. & rdquo; Latest Tweets By Elon Musk Are Less Impactive

Nevertheless, the impact of the Billionaire's recent tweets about the lesser-known meme coin is lower than the previous time.

Market reaction for Dogecoin has actually been only at a favorable 10% increase below the last times Mr. Musk has discussed the meme-inspired cryptocurrency on Twitter.

A sequence of Twitter posts from the SpaceX and Tesla CEO in April saw Dogecoin quadruple in price in simply 24 hours, pushing it to new record highs above $0.40.

Dogecoin ultimately peaked above $0.70 on May 8 when Mr. Musk referenced it several times during his look as the host of Saturday Night Live.

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. In the very first week of June last month, Dogecoin's value increased by 15 percent in 24 hours after crashing 2 weeks before and remaining stagnant.

The rate of Dogecoin in India had dropped considerably, but in between June 1 and June 3 went from around Rs. 23 to about Rs. 31. Full credit was provided to the tweets from the central rider himself -SpaceX CEO Elon Musk.

And that is how it has always been; his social networks posts typically cause unexpected spikes in the token's price, whether Bitcoin or lesser-known ones as doge. Hence, the market response because Thursday is not a surprise too.

Dogecoin had actually been selling the red but has made a fast lift into the green once again, raising as high as 7-10% –-- from below $0.24 to $0.2573 –-- following Musk's tweets impact, according to CoinMarketCap information.

Elon Musk's Roller Coaster Journey In Cryptocurrency Sector

Without a doubt, Musk has become one of the greatest drivers of the cryptocurrency markets in 2021. He rises and falls the Bitcoin price whenever he wants, as seen when he just recently impacted the sharp fall in the worth of Bitcoin, which it still suffers till now.

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This took place a couple of months back when he stopped the payments for Tesla electric cars in the token and attacked its energy use.

Dogecoin Lover

On the other hand, the tech guru has long been an advocate of Dogecoin; a joke token begun in 2013. Recently, he has actually been making understood his work with designers to attempt to improve its efficiency, and obviously, take the coin alongside humans to the “& ldquo; moon & rdquo;.

Included image from Pixabay, chart from TradingView.com