Elon Musk has become quite an influencing internet personality over the years. The world’s richest man is regularly active on social media and shares opinion about various burning topics. Since r/WallStreetBets Reddit frenzy, Musk has been actively sharing memes and opinions about the same. He has also been sort of openly promoting the digital currency, DogeCoin, following its resurgence by the users from Reddit forums.
Musk has once claimed that DogeCoin is his favourite digital currency. Before DogeCoin’s recent popularity, Musk has frequently posted on the social handle about the digital currency. The 49-year-old is amazingly influencing as his single tweet has resulted in the surge of DogeCoin’s value. When he tweeted back in December writing one word, Doge, the value of the crypto surged by 20%.
One word: Doge
— Elon Musk (@elonmusk) December 20, 2020
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
This wasn’t the first time Musk had spiked the value of the meme-inspired digital currency. Earlier in July 2020, he posted a dogecoin meme on his Twitter, which also skyrocketed the value of the digital currency. The forums like r/CryptoCurrency and r/SatoshiStreetBets, who pushed the users to take DogeCoin to the moon, are using Musk’s reference as an element to encourage users to hold onto DogeCoin.
Traders believe Musk is supporting for DogeCoin’s growth
Experts believe that Musk is promoting DogeCoin on purpose. Even though the Tesla mogul has never openly admitted about the fact, but its look so convincing that he is indeed supporting the digital currency. DogeCoin’s value skyrocketed by 800% at the end of last month and Musk has a greater role to play there as well. As soon as the value went up high, Musk quickly tweeted about the DogeCoin.
— Elon Musk (@elonmusk) January 28, 2021
He posted a magazine cover featuring a dog, which hinted his support to DogeCoin. The digital currency also had a dog as its logo. DogeCoin’s official logo features the image of popular Shiba Inu dog, taken from a viral doge meme. Musk’s fans and other users assumed that this is his way to express the support to take DogeCoin to the moon. Fans believe Musk will support the coin in near future to throw Bitcoin.