Elon Musk is at it again: this time, causing a surging rally in the price of dogecoin with a single tweet, which announced he is working alongside its developers to refine the meme digital token.
Although the Tesla CEO sent the price of dogecoin plummeting during his guest appearance on Saturday Night Live last week after labelling it a “hustle,” it appears the “Dogefather” has redeemed himself. On Thursday night, Musk told his twitter followers that the cryptocurrency is “potentially promising,” and that he is personally working with its developers to make it better.
Within minutes, the price of dogecoin began to rebound, surging from just above 43 cents at the time of the tweet to 51 cents at the time of writing. Online observers were left in shock at the significant price movements, with one even deeming the Tesla CEO as “the best market manipulator in the history of earth.”
Musk’s twitter post also followed an earlier announcement by Coinbase, which revealed plans to begin listing dogecoin on its exchange sometime within the next six to eight weeks. The Tesla CEO made additional waves in the crypto market earlier this week, when he announced— also via twitter— that Tesla will no longer accept bitcoin as payment due to the digital token’s excessive carbon footprint.
Instead, he said the EV maker will continue to hold its bitcoin until “mining transitions to more sustainable energy,” and will look at other options in the meantime, that apparently being dogecoin.
Information for this briefing was found via Twitter and Coinbase. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.