Tesla and SpaceX CEO Elon Musk did it again. This time in response to a tweet, he had a few words about Dogecoin that caused the price to skyrocket. At this time, 5:30 a.m. in New York, the price has risen 7.25% compared to yesterday, but the biggest increase occurred last night, minutes after Musk wrote on Twitter, when the The currency went from around USD $0.26 to $0.28 in a matter of an hour, although now it is again in the USD $0.26 range, as can be seen in the DOGE symbol of CryptoMarkets.
But let’s look at the cause of the increase. Yesterday, the billionaire wrote the following answer, very forceful about what Dogecoin means to him:
Many of the people I’ve talked to on the Tesla production lines or in the building of rockets at SpaceX have Doge’s. They are not financial experts or Silicon Valley technologists. That’s why I decided to support Doge: she seemed like the crypto of the people.
Namely, Musk appreciates the fact that Dogecoin is being used by people outside the world of finance.
This was said in response to Glauber Contessoto, the young man who in April of this year made public that he became a millionaire thanks to his investment in Dogecoin and has since become something of an influencer in relation to the doggy meme coin.
Contessoto posted a note from Benzinga that read : “Nearly a third of all US crypto holders own Dogecoin: Survey. ” The media outlined that, according to a recent survey conducted by the “Finder” , the adoption rate of Dogecoin in the United States is almost double that in the rest of the world. The survey highlights that the adoption of Dogecoin in the US replaces Bitcoin and Ethereum, with 30.6% of cryptocurrency owners saying they own Dogecoin. That’s 1.6 times the global average adoption rate of 19.2%.
Along with publishing the note, Contessoto wrote: “I mean, the appeal is real.”
Reply to Elon
Contessoto, impressed by Musk’s response, addressed him a few words in a subsequent tweet:
Most of us don’t have a privileged background, and honestly, we can’t relate to Silicon Valley experts. We just want to believe in one crypto that represents us all. # Dogecoin is the little guy personified in crypto, that’s why we love it. We appreciate your support, Elon!
Shiba Inu: No
For its part, Shiba Inu had reached new highs yesterday October 24, with immense retail interest. Even, as UToday reviews , it managed to surpass Ether in trading volume, becoming the third most traded cryptocurrency.
However, a single tweet from Musk’s hand changed the landscape with a single word:
When asked by user ShibaInuhodler yesterday afternoon how much Shiba Inu he was saving, Musk was emphatic:
Well, a single word, said yesterday afternoon, caused the crypto to fall 14% at a stroke. Those with Shiba Inu, of course, expressed their hatred for the billionaire.
The value is the products
Likewise, Musk also urged crypto holders not to keep all their money in cryptocurrencies , claiming that the true value “is in creating products and providing services to human beings.”
He claims in the tweet that he had bought Bitcoin, Ether, and Dogecoin “out of curiosity,” downplaying the importance of his investment. However, your company Tesla has BTC on its balance sheet. In fact, we recently reported how, thanks to the price increase, Tesla had a profit of USD $1 billion on its investment in BTC made in February.