Elon Musk Tweets once again caused Dogecoin price to surge – Tesla CEO and billionaire Elon Musk has once again hyped Dogecoin (DOGE) leading to a price surge. This time Musk tweeted about his son Lil X,
Lil X is hodling his Doge like a champ. Literally never said the word “sell” even once!
— Elon Musk (@elonmusk) July 17, 2021
Previously, Musk has shared that he bought his son X Æ A-12, dogecoin calling him a “toddler holder”.
Prior to the tweet, DOGE was trading about 75% below its all-time high price of $0.731578. The meme crypto set this milestone on May 8, just before the crypto market crashed a week later. Since the market crash, DOGE has been struggling to rebound.
Notably, the latest tweet by Musk caused DOGE to surge briefly from about $0.17 to over $0.20. Although the top meme crypto has since dipped a bit, it is however still trading higher than before the tweet.
Musk has caused DOGE to surge several times before. For example, he has promised to “put a literal dogecoin on the literal moon.” The billionaire is more than capable of thanks to his SpaceX enterprise.
Of note, Musk’s crypto activities have not been limited to either DOGE or Lil X. The billionaire has even been accused of market manipulation by critics due to his influence on crypto prices. Some critics even went as far as launching the StopElon crypto project which surged over 1,000% after launch.
On several occasions, Musk’s tweets have led to price spikes and slumps. As such, some crypto fans even hold the Tesla boss responsible for the crypto market crash in May. This is because just before the crash Musk disclosed that Tesla would no longer be accepting BTC payments. Musk added that the decision was due to the crypto’s negative environmental impact. The news caused the top crypto to tumble dragging the rest of the market down with it.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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