Dogecoin: price pump after Elon Musk’s statement
Dogecoin: price pump after Elon Musk’s statement
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Dogecoin: price pump after Elon Musk’s statement

By Stefania Stimolo - 25 Oct 2021

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The infamous CEO of Tesla and SpaceX, Elon Musk shared several tweets confirming Dogecoin as his only favourite crypto-meme, alongside Bitcoin and Ethereum.

The consequence was a 10% pump in the price of DOGE, which brought it to touch $0.28. 

Dogecoin: support from the world’s richest man

The love affair between Elon Musk and the crypto meme par excellence Dogecoin had been on hold for some time. The CEO of Tesla would have objected to the excessively high fees for DOGE transactions, not revealing his support anymore. 

However, Saturday’s statements, with several tweets from Musk, have brought back the hype on the issue, confirmed by DOGE’s price pump

“Elon Musk is predicted to become the world’s first trillionaire, thanks to SpaceX”.

“*In Dogecoin”

The world’s richest man, who now holds an estimated $252 billion in personal wealth (more than twice as much as Facebook’s Mark Zuckerberg), thanks to Tesla and SpaceX, is back in support of the crypto meme. 

Dogecoin
Dogecoin: price pump after Elon Musk’s statement

Dogecoin and Elon Musk’s revelations on Twitter

First of all, Musk explicitly denied owning Shiba Inu tokens (SHIB), the “Dogecoin Killer” which has seen a price dump of -20% soon after. 

Essentially, SHIB’s price seems to have taken advantage of the ambiguity in Musk’s previous tweets, suggesting that the Tesla CEO was supporting it. At the time of writing, SHIB is back at $0.000038, significantly down from its ATH of $0.000044 touched just prior to Musk’s tweet. 

Secondly, Musk has reportedly confirmed which digital assets he owns, including Dogecoin. 

“Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it. As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form”.

DOGE back in 9th position by market capitalization

The pump on Dogecoin’s price has led DOGE to climb the crypto rankings, now standing in ninth place by market capitalization

With nearly $35 billion in market cap, DOGE has a 1.34% dominance of the entire crypto market. 

More than double the dominance of SHIB, its rival, which, at the time of writing, is at 0.59% and in 13th place. 

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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