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Dogecoin, Elon Musk increases its price with a tweet

Elon Musk Dogecoin - Dogecoin, Elon Musk increases its price with a tweet
Elon Musk, co-founder, chief executive and product architect of Tesla Motors, poses at the premiere of the documentary film "Revenge of the Electric Car," Friday, Oct. 21, 2011, at Tesla Motors in Los Angeles. The film is director Chris Paine's follow-up to his 2006 documentary, "Who Killed the Electric Car?" (AP Photo / Chris Pizzello)

As is well known, during the week a long series of profiles of well-known characters have been hacked on Twitter. An attack that made it possible to control them and convey a message in which he was invited to send Bitcoin to a specific address, to get twice as much as offered in exchange. The episode is now being investigated, while the attacked profiles have been blocked.
Among them was also that of Elon Musk, the founder and CEO of Tesla. Who immediately went back to publishing, but this time really. His message, however, has had significant effects on the market, also sparking very strong criticism from observers.

Elon Musk's tweet

The tweet posted by Elon Musk was unequivocal. He indeed defined the triumph of Dogecoin on the global financial system as it is currently structured. A message of great strength, as a result of which the digital currency of which Tesla's founder is a great supporter has immediately grown by 14%. The equivalent of about $ 40 million, according to data collected by CoinMarketCap.
A growth that, however, has not been taken well in some parts, since it would once again demonstrate how weak and manipulable the markets are. A long-standing thesis which, unfortunately, is confirmed every time episodes of this kind occur. If a tweet is enough to grow a quote, companies do not even need a sound and prudent management, with the risk that the system becomes a sort of roulette. However, liable to sudden collapses.

Musk and Dogecoin, a long-standing love

Elon Musk's endorsemet is certainly not new for those who have followed the events of Dogecoin. The cryptocurrency born from a joke, in fact, was immediately able to enjoy the support of a large community of fans, such as Musk. Who was even referred to as his possible CEO during a satirical poll.
Joke after joke, Dogecoin has however enjoyed a support that has allowed him to consolidate significantly, unlike other creations which have failed to arouse the same interest.

One pump after another

Elon Musk's tweet came after Dogecoin had been able to take advantage of another joke, as is now tradition. It was the users of Tictoc, the growing Chinese social network.
Indeed, it was they who had launched a tender aimed at bringing the price of the token to one dollar. Goal missed, but with Dogecoin's price shot upwards, doubling in just 24 hours.

The fear of Dogecoin fans

As far as Dogecoin is concerned, however, there is also an event in which Elon Musk was the protagonist on the recent first day of May. On that occasion, in fact, Tesla's CEO claimed that the car brand's share price was too high.
The result of that affirmation had been the real collapse of the title, a minus 10% at the end of the day following which more than $ 15 billion had been burned.
Of course Dogecoin fans hope Musk doesn't do the same thing with cryptocurrency. Where this happens, the tokens held could become little more than junk.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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