2 - 4 minute read
Elon Musk, the CEO of Tesla and Twitter, has been accused of intentionally pumping the price of Dogecoin (DOGE) for his own personal gain. The accusation came after Musk changed his Twitter icon to the DOGE logo, causing the meme coin’s price to skyrocket. Jimmy Song, a popular Bitcoin maximalist, believes that Musk’s decision to change the Twitter icon was not just a show of support for DOGE but a ploy to settle his financial obligations after acquiring the social media network.
The price of DOGE climbed sharply on April 3, increasing by more than 22% in a matter of minutes after the unexpected logo change on Twitter. Approximately $1.7 billion was pumped into the digital asset’s market capitalization, bringing it to the highest level since December 2022. Musk has been an avid supporter of DOGE for some time now, with his interest dating back to early 2021 when he simply tweeted ‘Doge’ and posted a meme featuring the DOGE logo, causing the value of the cryptocurrency to soar by over 50%.
Elon is pumping Doge so he can pay off his Twitter debt.— Jimmy Song (송재준) (@jimmysong) April 4, 2023
Dogecoin Price Analysis
As things stand, Dogecoin has managed to retain the price acquired at the time of the icon update, currently changing hands at $0.10. It recorded significant gains of 30.37% across the previous week and 28.94% over the past 30 days. Machine learning algorithms at the crypto tracking platform PricePredictions are optimistic as well, projecting that the price of DOGE on April 30, 2023, would amount to $0.103899.
The accusation against Elon Musk highlights the volatility and unpredictability of the cryptocurrency market. While some may see this as an opportunity to invest in DOGE, it is important to remember that trading carries high risk. It is always advisable to conduct thorough research before investing in any asset, especially in the cryptocurrency market where prices can fluctuate rapidly.
The accusation against Elon Musk of intentionally pumping DOGE for his own personal gain is a reminder that the cryptocurrency market remains largely unregulated and unpredictable. While some may see this as an opportunity to invest in DOGE, it is important to exercise caution and conduct thorough research before making any investment decisions.