Dogecoin codependence with Musk’s Tweets [Ups and Downs]

Let’s begin with the reality that Tesla’s acquisition of bitcoin was in the corporation’s best interests. It’s the most efficient approach for Tesla CEO Elon Musk and his team to strengthen their financial statement and equip themselves to carry out their long-term ambition in the short term. 

In the entertainment world, there’s a phrase that all entertainers like to be pop stars, and all celebrities want to be entertainers. Many executives would like to be both in the post-Steve Jobs age. 

When it comes to Musk’s recent actions, the tweet is possibly the most striking. He may have thought this was brilliant, and if that was his only goal, he failed miserably. A comedian will make references to The Baha Men’s song “Who Let The Dogs Out” from 1998. This is the first thing coming out when you turn on the comedic mind for the very first moment. “Who Let The Dogs Out” puns are a testing item whether your comedic brain is a printer.

However, it appears that Tesla was also aiming to establish a smokescreen after it was reported that he had acquired $1.5 billion in bitcoin. Quite as much BTC cannot be purchased in one go. It must be carried out in utmost anonymity across financial transactions, most likely on various exchanges. Here’s what MicroStrategy had to accomplish to make its initial $250 million bitcoin investment, which was one-sixth the scale of Tesla’s:

For reference, on January 29, when Elon altered his Twitter description to just one phrase, “#bitcoin,” the price of BTC soared 20% in only just a few hours. It then dropped, and Musk deleted the term from his bio on February 4. We understand this because… posts concerning Musk’s Twitter bio were written.

The famous meme coin reportedly saw a big increase on April 5 after Musk opted to join Twitter’s board of directors with a 9.2 per cent stake. DOGE is actually losing all of its gains and is rapidly declining.

The buy-up frenzy that followed Musk’s takeover of Twitter appears to have been short-lived. According to CoinMarketCap, DOGE is now losing 9% of its value. The DOGE value is currently just around $0.14 per coin, after peaking at around $0.1667 yesterday. DOGE soared in the early months after its debut, reaching a high of $0.73 in May 2021. 

The Most Famous Dog Meme Coin

As a satire, Dogecoin was a dog-inspired coin (namely the Shiba Inu dog). In less than three hours, it was completed.

Musk has been vocal about his support for DOGE (and other digital currencies) from its inception, referring to them as the “people’s crypto.”

His tweets have a direct impact on the price of DOGE. The centibillionaire’s effect on cryptocurrency is undeniable since he has the option of walking on the throttle and brakes and having everything happen as expected. Imagine the shares in a company that earns so little and is made up of a few couches in an empty building. It does, though, have a unique dog emblem that appears to be popular. Here are some of the most trusted platforms where you can trade Doge coin:

  1. Coinbase
  2. Bitcoin Profit
  3. eToro

DOGE’s Twitter Page

Many Dogecoin supporters anticipated Musk’s purchase of Twitter to speed up DOGE’s pace. It worked for about 24 hours, but the anticipation and curiosity swiftly faded.

DOGE on Twitter is definitely anything to anticipate. Twitter presently lets people tip with Bitcoin and Ethereum. Clients can use their Ethereum NFTs as profile images as part of their premium membership to the social networking powerhouse. Users will get more purchasing alternatives now that Dogecoin has been included. The majority of cryptos are down by 3% at the moment. In the last 24 hours, Shiba Inu has dropped even further, to 3%.

Supporters of Dogecoin Are Having a Great Day.

As a result, news of Tesla (TSLA) – Get Tesla Inc.’s fast-moving acquisition discussions has come as no surprise. Although the sole similarity is Musk’s known fondness for the virtual currency, the report’s author and Twitter did not even go ignored by Dogecoin enthusiasts and investors.

Because of Musk’s impulsive tendency (the acquisition offer sprang out of nowhere), it’s hard to predict what crypto-currency-related changes are happening at Twitter following his acquisition. That didn’t stop Dogecoin supporters from coming up with their own suggestions, ranging from the capacity to afford virtual currency to new designs or Doges on each and every screen. 

Despite his previous run-ins with the SEC, Musk is unconcerned about the potential of legal repercussions stemming from his obsession with the joke cryptocurrency. Musk’s fondness of “dogs & memes” has led him to routinely tweet amusing Dogecoin memes, the most current of which depicted the DOGE mascot “on the actual moon.”

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Julian Joseph Lehmann
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