Tesla’s CEO Elon Musk has sent out a tweet saying that dogecoin is the “people’s crypto” shortly afterword the billionaire also pledged to get off Twitter for a while. Incidentally, the crypto token, which was priced at $0.0411 on February 3, increased to $0.0588 right as Musk was tweeting.
But the coin has now gone down to $0.0541, which is still a price that’s 60% higher than where it sat on February 3. After Musk’s previous tweets about the coin, dogecoin’s price shot up to a record high of $0.0791, this according to Messari data. At this time, the coin is up by over 400% this week while its cap sits at $6.74 billion.
Similarly, when Elon Musk changed his Twitter bio to include the term bitcoin, the cryptocurrency’s value surged by over 20% within three hours.
Meanwhile, not all investors are impressed with the Tesla CEO’s tweets that have ranged from pumping dogecoin to supporting Reddit’s Wallstreetbets traders.
Some analysts have said Musk is deliberately tweeting about stocks and cryptos for the benefit of himself and his inner circle. As a result, some are requesting that regulators get involved after saying that Musk’s tweets are hurting smaller investors. Some Twitter users say this might be why Musk, who is the world’s richest person, to announce he was getting off Twitter for a while.
However, since ending his brief exile from the social media platform, Musk has since talked up dogecoin in five more tweets. And some Twitter users thanked him for helping them to profit from the token. While other users asked if he could help them with other tokens. And others have said they have suffered losses “because I listened to you.”