Elon Musk dials back Dogecoin price speculation and the price rises by 23%

Dogecoin price value

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On Thursday, after months of lighthearted build-up, Elon Musk delivered a sobering punchline. He is reminding his Twitter followers that Best Cryptocurrency investments are still speculative.

Musk re-posted a February TMZ interview in which he was asked if he felt Dogecoin’s inflationary made it less important. This was the case at the time, Musk admitted, adding:

To be specific, I do not think people should put their life savings into cryptocurrencies. That is a bad idea.

Elon Musk said that Blockchain could be the world’s primary currency but couldn’t say which one it will be.

Dogecoin price vs. Bitcoin

“Bitcoin has a strong possibility of being the world’s currency. “What one would it be?” is the next question. And there’s a chance it’ll be several. However, at this stage, it should be called speculative,” Elon Musk said at the time.

Following Musk’s decision to embrace what was then a prank coin gone awry. And Dogecoin price became one of the biggest crypto stories of the year.

Musk’s social media posts and traders’ willingness to pump a near-dead coin in the same manner that markets helped Doge’s ultimate 14,000 percent increase in 2021.like GameStop and AMC were pumped.

GameStop power of decentralization

According to those in the crypto industry, the performance of the GameStop short squeeze in pushing the stock above $370. And the response from centralized authorities and markets — has emphasized the need for decentralized finance.

Members of the r/WallStreetBets subreddit believed the stock, which was traded for less than $20 a share earlier this month. It was targeted by a hedge fund that had reported a substantial short stake in the stock.

Melvin Capital Management lost $3.75 billion by closing their big, losing short position on GME due to the pump orchestrated on Reddit. And performed by individual traders using platforms like TD Ameritrade and Robinhood.

Various centralized trading sites have already imposed trading restrictions on the stock, and the president of NASDAQ — the exchange on which GME is listed — has recommended that trading on securities targeted by internet consumers be immediately suspended to allow customers to “recalibrate.“

Despite Musk’s warnings, the dollar value of Dogecoin price rose 23 percent early Friday morning. Then after losing a quarter of its value following the mid-week rally to $0.69.

In the hours after Elon Musk posted the TMZ video on Twitter, the coin price soared from $0.52 to $0.64, with the warning: “Cryptocurrency is promising, but please invest with caution!“

On the other hand, Musk suggested that the most exciting result could the one that eventually takes place. Fate likes irony,” Elon Musk said, referring to Dogecoin. What will be the most ironic result, for example? That the currency that coin as a joke turns into actual money.“

Reporters barraged Musk with suggestions that his tweets boosted their Dogecoin holdings, a general Blockchain trend backed by more than facts.

Dogecoin price investments go up:

On the other hand, the industry takes his likely satirical Tweets very seriously. Several studies show that Elon Musk tweeting about the currencies causes it to rise. Even though the connection is weak and complicated. The Blockchain Research Lab released a paper in January titled “How Musk’s Twitter operation drives cryptocurrency market:” They discovered six instances of Musk’s social networking behavior driving DOGE higher.

Similarly, according to Protos, four of his tweets had a double-digit percentile effect on Dogecoin price. (his tweets about Bitcoin and Ethereum could still drive certain markets, but DOGE’s smaller market cap allows pumping easier).

DOGE is especially susceptible to social media volume. With a positive mood, social networking quantity throughout American business hours was consistently driving the currency higher.

It’s unclear if a Saturday Night Live spoof would have the same effect. Though NFT ratings have withdrawn in a “silent smash,” the show aired a music-heavy explainer on non-fungible tokens in March. Musk had previously said that it would welcome any official investigation into the impact of his tweets on Dogecoin price. Still, when asked if he expected to see another price-moving tweet from him, the Tesla CEO said no.

“No,” Musk said as he climbed into his motorcycle. “All right, that’s it,” he said. “Don’t invest so much in cryptocurrency.“

Rumors behind Dogecoin and Shiba

Although the comparison ape’s trader jargon for sky-high market activity may interpret as an endorsement. Elon Musk has publicly stated that he prefers Bitcoin (BTC) for strategic personal and corporate investment despite his affection for the meme Blockchain.

That hasn’t prevented the CEO’s tweeting, albeit lighthearted, from adding to meme coin price uncertainty. Dogecoin price Christmas 2020 is only one example.

Given his massive social media audience, Musk’s obvious all-too-real influence on the market fluctuations in both cryptocurrencies makes distancing meme fun from celebrity shilling almost impossible. Legal experts have recently stated that the CEO may now be under investigation by the SEC. Due to his reported impact on Bitcoin’s price movements this year.

Both the possibility of an SEC audit and DOGE’s transformation into “a true currency” remains, for the time being, simultaneous meme-like and satirical scenarios in the CEO’s mind.

Musk’s last SEC fights in 2018, which resulted in his resignation as chairman of the Tesla board and the payment of financial fines. It may have had real consequences for the CEO, but he seems reluctant to give up his Twitter habit just yet.

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Reference:
https://cointelegraph.com/news/elon-mu..sk-scales-back…
https://www.investing.com/news/cryptocurrency-news/elon-mu…sk…
https://www.fastcompany.com/90633742/doge…coin-price-will-skyrocket…