Is Elon Musk Losing His Influence On Dogecoin Price? Doesn’t Look Like It
“One word: DOGE,” tweeted Elon Musk, the CEO of Tesla on Dec. 20 and sent the ‘people’s cryptocurrency’ soaring as high as 20.5% in a single day. The entrepreneur’s frequent tweets are associated with price movements in Dogecoin, but what is the price impact of Musk’s tweets ? Let’s have a look.
He also said in the same string “They have the best coin.” DOGE opened at $0.0023 that day on Mar 3. 2020, and reached a high of $0.0025. The price went up 8.69%.
Dogecoin Mode: Next month, Musk said on Twitter “Dogecoin Mode” in response to a Twitter follower’s comment on the Cybertruck. On Apr. 25, DOGE opened at $0.0021 and rose to $0.0024, or 14.28% within a day.
Doge Seller: On Jul.18, Musk told one of his 49.4 million followers that he only sells DOGE.
Will those who write the algorithms ever realize their negativity bias?
DOGE moved 8.57% higher that day touching an intra-day high of $0.0038 after opening at $0.0035.
Super Doge: When a Twitter user brought up Tesla’s Dojo supercomputer, Musk simply tweeted, “Dojo/Doge.” This was on Nov. 18. That day DOGE touched an intraday high of $0.0030 after opening at $0.0029. A gain of 3.44%.
Doge Greetings: It was at the end of 2020 that DOGE rallied over 20% after Musk posted his famous “One word” tweet. On Christmas, he included a Dogecoin symbol in his Christmas greetings emblazoned on a pair of red satin short shorts.
That day DOGE opened at $0.0075 and touched a high of $0.0138. The spike was a phenomenal 84%. The gains over a period of a day were even more spectacular as DOGE shot up 420%.
To The Moon: On Feb. 7, Musk tweeted “Who let the Doge out,” a play on the Baha Men song “Who Let The Dogs Out.” That DOGE rose to a high of $0.0849 after opening at $0.0784. A gain of 8.29%. He also tweeted a YouTube video the same day, which featured DOGE’s Shiba Inu riding a rocket to the moon.
Notably, Tesla invested $1.5 billion in Bitcoin the next day. BTC traded near the $43,000 mark on that day. At press time, BTC traded 2.38% lower at $55,335.32. The leading cryptocurrency hit its all-time high of $61,683.86 on Mar. 13, 2021. DOGE too hit its all-time high of $0.084 on Feb. 8. The cryptocurrency traded 33.2% below that price point at $0.056 at press time. The day the cryptocurrency hit its all-time high Musk, rap star Snoop Dogg and “Kiss” frontman Gene Simmons all made mentions of the cryptocurrency on Twitter.
Dogecoin is up about 850% in 2021 to press time, with surge primarily coming early in the year driven by Musk. Over the past 30 days, the meme cryptocurrency is down 3.5% at $0.0533.
Earlier in the month, Musk said DOGE has a “legendary item” in its arsenal — a meme shield against price drops.
Despite Musk’s optimism, some cryptocurrency experts are doubtful that DOGE’s success. The co-creator of DOGE Billy Markus told Benzinga that the “price of a coin is literally what anyone wants to purchase it for at a particular time.”
Despite, what the doubtful “cryptocurrency experts” are saying, Dogecoin is being adopted by growing number of businesses as accepted payment method, including Dallas Mavericks.
And as we all know, it has never been about what’s the best computer, software, car or any product, it’s all about who has the best marketing (and most powerful people in their corner). Dogecoin might just have that, and an Army of Doges shouting the message on Twitter.
