Elon Musk updated his Twitter profile picture to show support for Dogecoin, which pushed the price up 12.78 percent.
The billionaire has been widely chastised for allegedly abusing his celebrity to affect the cryptocurrency market.
Dogecoin’s price may have risen more than 12% overnight, from $0.18 to $0.20, thanks to Elon Musk. This occurred as Elon Musk, the Tesla CEO and a proponent of Dogecoin, announced his support for the cryptocurrency. He altered his Twitter profile image to a headshot of himself wearing aviators with the Dogecoin logo reflected in them. The price increase, however, was short-lived, as the price dropped to $0.179 in the hours that followed.
The billionaire has become known as one of the cryptocurrency markets’ price-moving factors throughout time. His regular Twitter updates have a big impact. The price variations have been slight but evident in recent months.
Relationship between Elon Musk and Dogecoin
Musk had already tweeted about his son’s (X) Dogecoin investment, noting that he is holding it rather than selling it. He also displayed his son’s trust in the DOGE group, demonstrating it via his actions.
“Lil X is a pro at hodling his Doge. Never once did I use the word “sell”! “, according to Musk’s tweet.
Elon Musk’s Twitter statements sparked a significant drop in Bitcoin’s price, which has dropped from a high of $60,000 in mid-April to less than half that amount presently. This comes after he chastised the coin for its lack of environmentally friendly mining techniques. He also ruled out Bitcoin as a method of payment for Tesla electric vehicles. Since then, the crypto community has been enraged by his actions and consequences.
Nonetheless, Musk tweeted about his severed relationship with Bitcoin just as Bitcoin and altcoins were gaining traction. The price decline became much more pronounced as a result of this.
Despite this, the tycoon insisted that Tesla’s Bitcoin holdings were still intact. There has been no public confirmation that the company’s Bitcoin stock is still active.
Musk’s ‘trolling’ behavior has sparked a backlash.
The Tesla CEO has been chastised for abusing his popularity to affect the cryptocurrency market. DOGE co-founder Jackson Palmer recently resorted to Twitter to criticize all cryptocurrencies, including his own. He lashed out at the cryptocurrency market’s instability, claiming that billionaires are taking use of it to manipulate prices in their favor at the expense of the vulnerable majority. Palmer wrote on Twitter, “Forgot your savings account password?” It’s your fault. Have you fallen victim to a con? It’s your fault. Market manipulation by billionaires? They’re absolute geniuses. This is the kind of risky “free for all” capitalism we’re talking about. Unfortunately, cryptocurrency has been designed to facilitate since its start.
Changpeng Zhao, the CEO of Binance, is another important player who has remarked on Musk’s ‘ploy.’ Despite being in a difficult position as a result of his run-ins with regulatory agencies, Zhao stated: “I think Elon Musk wants to be a funny guy… However, he must recognize that his tweets have the ability to affect markets.
Musk has upset the Bitcoin community by breaking his Bitcoin alliance and promoting the meme coin DOGE on social media. The bitcoin proponent turned DOGE-trustworthiness father’s as a member of the crypto community is being questioned.
Binance Dogecoin is a cryptocurrency similar to Bitcoin. Elon Musk is a billionaire entrepreneur./n
