Tables are rapidly turning for Bitcoin and DogeCoin with Elon Musk at the helm of things. The founder of Tesla and one of the world’s richest men has removed #Bitcoin from his Twitter bio and posted several tweets about the popular meme cryptocurrency, Dogecoin (DOGE).
Showing his support for the meme coin, Musk described Dogecoin as the “people’s crypto.” The statement soon garnered attraction and caused the price of the cryptocurrency to jump more than 80% within minutes. At the time of writing, DOGE is trading at $0.537.
Elon Musk also made other tweets about Dogecoin. One of them reads, “No highs, no lows, only Doge.”
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Just last week, the Tesla CEO with over 43 million followers on Twiter added #Bitcoin to his Twitter bio, causing the price of Bitcoin to go from $32,000 to above $37,200.
While Musk didn’t give further information on whether he was adding Bitcoin to his portfolio or not after the tweet, the public speculated that the billionaire wanted to get involved in the cryptocurrency.
This assumption was likely fueled by a previous incidence where Elon Musk asked MicroStrategy CEO Michael Saylor on Twitter about the possibility of adding bitcoin to his company’s balance sheet, and Saylor replied with an offer to share the blueprint he used for his own company with him.
A few days after adding Bitcoin to his bio, Elon Musk said of the cryptocurrency in a Clubhouse chat session, “bitcoin is a good thing” and “is really on the verge of getting broad acceptance by sort of the conventional finance people.”
While Musk’s tweet about Dogecoin being the ‘peoples crypto’ is causing the coin’s price to surge, some of his followers argue that an unknown entity may have hacked the billionaire’s Twitter account.
Coupled with the fact that Musk had mentioned he was going off Twitter a few days back, Lark Davis, a popular content creator, Youtuber, and influencer, said on Twitter:
Elon Musk’s account is pumping $doge like crazy, what is happening? Maybe he was hacked…
— Lark Davis (@TheCryptoLark) February 4, 2021