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Elon Musk Crypto Tweets move the Market by Flurry

Elon Musk crypto tweets leads to rise in Coin market 

elon musk crytpo tweets move the market by flurry

Elon Musk is Tesla CEO, chief designer of SpaceX, and the world's richest man. He is also known to move markets with his tweets. His recent tweets on cryptocurrency have sent the market soaring to the top. In the recent tweets, he has managed to influence several corporations.

His tweets have changed the fortune of meme currency which was once unknown to the most, this meme currency is known as Dogecoin.

How dogecoin started? 

Dogecoin is based on an old internet meme that was popular in 2013. It was developed by an Australian software developer, Jackson Palmer who later left the project. Since then it was in the crypto market unknown to most people. 

Wallstreetbets, a group of Redditors who have been involved in pumping the value of GameStop and other stocks in order to bankrupt hedge funds involved themselves with dogecoin and started pumping it.

It, later on, caught the attention of Tesla CEO, Elon Musk. He just tweeted about dogecoin and it was just a matter of seconds for Dogecoin prices to skyrocket and touch new all-time highs.

Later Snoop Dogg along with other celebrities started pumping dogecoin.

 


February 4th of 2021 was the day on which Tesla CEO tweeted "Dogecoin is the people’s crypto". "No highs, no lows, only Doge", he added later.  This was just a beginning. A few moments later he shared a meme of himself and dogecoin in Disney's Lion King. These tweets resulted in Dogecoin prices rising by 50%.

On Feb. 8th of 2021, he did a couple of tweets on Dogecoin and the outcome was that Dogecoin rallied 37% in 24 hours to a record high of $0.084945 on Monday. Dogecoin's dream run gave it a boost to increase its market value to over $10 billion making itself a place in the top 10 crypto market rankings.

Memes affecting the cryptocurrency markets

Lately, memes on Dogecoin and Elon Musk have played gigantic roles in shaping the graph of the crypto market. The prices of dogecoin started soaring as soon as the memes on Dogecoin started getting viral.

What is the Dogecoin meme?

Dogecoin itself is an old meme that was famous in 2013. Dogecoin was made to make fun of other cryptocurrencies.

Dogecoin takes its name from the internet meme" doge" which consists of a picture of a Shiba Inu dog talking in Comic Sans font. Its idea was to have fun and mess with other cryptocurrencies at that time. Dogecoin isn't very innovative.

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