Elon Musk’s Tweet Meme Pumps DogeCoin Again

DOGE is up by 15% since that tweet adding up to $40 million DOGE's market cap.

By · Jul 18, 2020 . 5min read

Elon Musk who only recently returned to his usual tweeting activities after the Twitter hack tweets a meme that pumps DogeCoin price by over 15%.

The tech billionaire sent out his first tweet after Twitter relaxed its lockdown on all verified accounts to limit any further damage the Twitter hackers might be able to do.

Regarded as a Meme-Lord by many, Elon does not shy away from fraternizing with the DogeCoin which is described as a joke currency.

He tweeted a meme which shows DogeCoin standard replacing the world’s present financial system. His tweet accompanied with the meme image said: It’s inevitable.

Whether he means it or not doesn’t really matter to many within the cryptocurrency community that has since started scrambling to scalp out their gains from the DogeCoin pump that ensued.

DOGE is up by 15% since that tweet adding up to $40 million DOGE’s market cap. It took only just 3 minutes after Elon Musk’s tweet for DogeCoin to pump.

CryptoTwitter reacts

Many in CryptoTwitter are calling this manipulation but one would ask if it truly is judging by the fact that Elon Musk only thinks DogeCoin is cool and nothing more. He hasn’t acknowledged he holds any DOGE even though the cryptocurrency community sarcastically calls him DogeCoin’s CEO.

Some others think he is only speaking in codes as he likes to always do.
Well, everybody wears their bias glasses. My interpretation of that image is: DOGE is just a dust cloud which would eventually settle down. It is inevitable for a storm to calm down. Elon tends to be cryptic with some of his tweets.

Anton tweets in response to Elon’s meme

Elon Musk is a vocal critic against stock shorting. And because of this, he recently took a swipe at shorters by releasing Tesla’s limited-edition Short Shorts. His tweet during the short unveiling has been interpreted in many quarters as a mockery for those who like to engage in the act of short selling in the stock market.

This makes it the second time in a single month DogeCoin is seeing some huge uptick. The first was the TikTok DogeCoin challenge that sent DOGE’s price up by over 140% leading to Binance listing a DOGE Perpetual Futures.