What Is It With Dogecoin [DOGE] And Elon Musk?

Tesla CEO, Elon Musk has openly endorsed Dogecoin [DOGE] multiple times. While DOGE recently bagged massive gains following a viral TikTok video, Musk’s latest tweet further pumped the price of the altcoin. 

Elon Musk Only Sells DOGE

Altcoins have been experiencing the biggest push of the year. The last few weeks have revealed that the alt season was here. Several altcoins were recording a significant increase in price. While the crypto community was rejoicing the alt market turning green, the Twitter hack caused immense chaos across the globe.

The infamous Twitter hack targeted the accounts of prominent politicians, celebrities as well as crypto influencers and platforms. The hacker made sure to deliver a message via the latest attack, as he urged the followers of these celebrities to send Bitcoin to a certain address. The CEO of Tesla, Elon Musk was also a victim of the recent attack. After recovering his account, Musk came back on Twitter and shared a tweet. Making fun of the recent attack, YouTuber, Izzy Nobre asked Musk for some Bitcoin. Replying to the Nobre’s tweet, the Tesla CEO said,

“Excuse me, I only sell Doge!”

Following up on the same, Musk shared a tweet suggesting that Dogecoin [DOGE] would surely take over the global financial system. The tweet read,

It’s inevitable pic.twitter.com/eBKnQm6QyF

— Elon Musk (@elonmusk) July 18, 2020

Just before Musk’s tweet, DOGE was trading at $0.0030. Soon after his tweet, the coin shot up to $0.0035. Over the last 24 hours, the coin surged up to 14 percent.

Over the last few weeks, the coin was lauded as one of the top gainers of the alt season. DOGE observed a surge of a whopping 48.8 percent since the previous 14 days. The viral TikTok video that urged viewers to buy the altcoin was also one of the reasons behind Dogecoin’s price pump.

Why Is Elon Musk A Dogecoin Enthusiast?

Elon Musk has time and again highlighted the fact that he is a fan of Dogecoin. Last year, Dogecoin concluded that it required a CEO. The network set up a poll on Twitter asking for the community to decide its CEO. Ethereum’s Vitalik Buterin, Litecoin’s Charlie Lee, Metal Payments’ Marshall Hayner as well as Elon Musk.

What Is It With Dogecoin [DOGE] And Elon Musk? 2

Elon Musk was a clear winner and he went on to suggest that altcoin was his favorite cryptocurrency. Soon after this, Musk was seen endorsing Dogecoin multiple times. During March, Musk shared a tweet appreciating dogs and dogecoin. The tweet read,

What Is It With Dogecoin [DOGE] And Elon Musk? 3

Born out of a meme, Dogecoin has garnered immense traction over the years. While the price of the coin has been witnessing a notable rise, Elon Musk’s endorsements could further pose beneficial to the altcoin.

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