Endorsing the DOGE cryptocurrency, Elon Musk also changed his Twitter bio to “Former CEO of Dogecoin”. Although his Bitcoin bashing hasn’t had much effect on the BTC price.
On Sunday, December 20, Tesla Inc (NASDAQ: TSLA) boss and business tycoon Elon Musk took the crypto community by storm tweeting about Bitcoin (BTC). The tweets come just at a time when Bitcoin (BTC) has been trading at a price of $23,900 levels. However, it still seems that Musk is a huge fan of Dogecoin.
Firstly, Musk tweeted that “Bitcoin is my safe word” probably referring to Bitcoin’s security as a safe haven and a USD hedge. However, just moments later, he said “Who needs a safe word anyway”?
Just kidding, who needs a safe word anyway!?
— Elon Musk (@elonmusk) December 20, 2020
Well, it didn’t just stop here! Musk later tweeted a raucous image suggesting how Bitcoin (BTC) is being a distraction from leading a productive life. Musk ultimately went on to state that “Bitcoin is almost as bs as fiat money”. This is not the first time that Elon Musk tweeted something like this. However, all this didn’t deter the Bitcoin community at all.
Bitcoin (BTC) continues to trade close to $24,000 after making its new all-time high on Sunday. Institutional buying in Bitcoin (BTC) continued at a rapid speed over the last week. Analysts are saying that BTC can touch $25K levels before retracting back to $21K. However, any dip in the BTC price could be a buying opportunity for the long-term.
Potential roadmap for $BTC
-$25k, then $21k-22k, then $30k
Dips are for buying. pic.twitter.com/RYQXwFDaTD
— il Capo Of Crypto (@CryptoCapo_) December 19, 2020
Elon Musk Favors Dogecoin (DOGE)
After all the mix, Elon Musk finally extended his support to Dogecoin tweeting about the cryptocurrency. Interestingly, Musk also changed his Twitter bio to “Former CEO of Dogecoin”.
One word: Doge
— Elon Musk (@elonmusk) December 20, 2020
This was enough to get Twitterati talking about the cryptocurrency. Elon Musk’s tweet was enough to draw the community’s attention to this meme-inspired cryptocurrency. The price of DOGE quickly shot up 25% after Musk’s endorsement. At press time, Dogecoin (DOGE) is trading at a price of $0.0049 with a market cap of $636 million.
This is not the first time that Musk has been talking about DOGE. The last time he did was in July 2020 wherein he noted that he foresees a “Dogecoin standard future”. There’s been some speculation whether Elon Musk’s tweet has fueled the price. Replying to this, crypto researcher Hasu explains:
It pumped because prices in this space are fueled by attention
— Hasu (@hasufl) December 20, 2020
Interestingly, some technical analysts have pointed out that the surge in DOGE price has kickstarted the altcoin cycles in the past. One of the pseudonymous traders “Crypto Capo” said that “every altseason starts with $DOGE pumping”. Well, during last week’s crypto market Bitcoin extended its market dominance while Ethereum (ETH) and Litecoin (LTC) also made good advancements.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
