Elon Musk frequently uses his X platform to express his views on Dogecoin, which has led some to claim that his actions amount to market manipulation because the price of Dogecoin frequently experiences price movements shortly after his tweets.
Nevertheless, because cryptocurrencies are not regulated like stocks, these actions are not illegal. Musk and his promotion of Dogecoin have been criticized by Dogecoin co-founder Jackson Palmer, who called Musk a “self-absorbed grifter”.
Doge After Elon Musk Tweet
Musk’s first Dogecoin-related tweet occurred on December 20, 2020. Musk tweeted “One Word: Doge”.
Shortly after, the value of Dogecoin rose by 20%. This was followed by a series of Dogecoin-related tweets by Musk in early February 2021 captioned “Dogecoin is the people’s crypto” and “no highs, no lows, only Doge”.
Following these tweets, the value of Dogecoin rose by roughly 40%.
On April 15, 2021, the price of Dogecoin rose by more than 100% after Musk tweeted an image of Joan Miró’s Dog Barking at the Moon painting captioned “Doge Barking at the Moon”.
On May 8, 2021, Dogecoin fell as much as 29.5%, dropping to US$0.49 during Musk’s Saturday Night Live appearance.
It then rose by 11% on May 20, 2021, shortly after Musk tweeted a Doge-related meme. In the same month, the price of Dogecoin was up 10% in the hours after Musk tweeted a Reddit link for users to submit proposals to improve the cryptocurrency.
On December 14, 2021, Dogecoin spiked more than 20% after Musk said that Tesla will accept the currency as a means of payment for Tesla merchandise.
On June 16, 2022, Elon Musk was named in a complaint seeking damages of $258 billion. The complaint was filed in federal court in Manhattan by plaintiff Keith Johnson.
Johnson cited Musk’s repeated use of his massive social influence to promote the altcoin, which he claims artificially inflated the price.
It was reported in 2013 that Musk thinks Dogecoin could be used for Twitter transactions. On October 27, 2022, Elon Musk completed a deal to take Twitter private. This led to a sustained rise in Dogecoin from October 25 to October 29, with Dogecoin increasing as much as 46%.
Between April 3 and April 7, 2023, Twitter’s bird logo was replaced with an image of the Doge meme for desktop users, leading to a rise in Dogecoin prices.
No reason was given for the icon change, with some speculating that it was a late April Fool’s joke, or an attempt to troll investors over the Dogecoin lawsuit that Musk was seeking to end that week.
On Noviembre 14, 2024, president-elect Donald Trump announced that Elon Musk and Vivek Ramaswamy would lead a new Department of Government Efficiency or DOGE for short, an acronym that shares the name of Dogecoin. The price of Dogecoin spiked soon after.
[…] is inspired by the Shiba Inu, a Japanese dog breed, which also serves as the mascot for Dogecoin, another cryptocurrency with meme origins. Some categorize Shiba Inu as a “meme […]