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Elon Musk again promotes Dogecoin on Twitter

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The well-known American entrepreneur and billionaire Elon Musk, who just a couple of days ago wrote about the temporary “departure” from the social network Twitter, returned with new messages that caused a real stir in the cryptoindustry.

Top-manager has published on Twitter a photo of the rising rocket with one word “Doge”.

Then other tweets followed this message, they said:

– “ur welcome”, along with a meme of him raising dog from Dogecoin above an imaginary crowd like mandrill Rafiki rised Simba in “The Lion King”;

– “Dogecoin is the people’s crypto”;

– “No need to be a gigachad to own”;

– “No highs, no lows, only Doge”.

At the same time, billionaire Mark Cuban stated “If I had to choose between buying a lottery ticket and #Dogecoin …..I would buy #Dogecoin”.

Social network users began to massively thank Musk for supporting the cryptocurrency. Many of the commentators admitted that thanks to the activity of the businessman on Twitter, they instantly became rich.

However, Musk’s fresh tweets caused only a short-term reaction. Having accelerated sharply, the rise in Dogecoin value returned to the level before the tweets – about 46%.

Critics warn: you shouldn’t trust all posts of Elon Musk

Last week, the attention of members of the online group WallStreetBets, which includes millions of people who, by their activity, dispersed the price of shares of a number of small American companies and even silver, was attracted by the same cryptocurrency Dogecoin. Thanks to their purchases, it skyrocketed over 800% after mentioning on the Reddit forum. On the same day, there was Musk’s first tweet about Dogecoin. Also last week, Musk “took part” in the acceleration of Bitcoin price by posting the hashtag Bitcoin on his Twitter. Previous TikTok users also tried to raise the price of the coin to $ 1.

We should note that at the moment Musk has removed the Bitcoin symbol, which he placed in his biography in Twitter last week, what also attracted the attention of the crypto enthusiasts.

Critics warn: you shouldn’t trust the posts of a businessman and hope for the stability of the meme dog rate.

Recall that in April 2019, Elon Musk named Dogecoin his favorite cryptocurrency. In March 2020, the entrepreneur posted a photo of the dog on Twitter and stated that “they have the best coin.” However, Musk later admitted that he likes to “joke sometimes” about Dogecoin.

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