Elon Musk is Supporting Dogecoin Again

Last Updated: 22 July 2021

The CEO of Tesla and SpaceX, Elon Musk, has Tweeted about Dogecoin. He also changed his profile picture on Twitter. In his new profile picture, the Shiba Inu image is referring to Dogecoin. Moreover, according to the data from Coinbase, Dogecoin’s value increased by 1250% in the second quarter.

Dogecoin Soared by 1250% in the Second Quarter

The Doge people group was excited throughout the week when numerous individuals saw Elon Musk, whom they call the Dogefather, had changed his profile picture on Twitter to one of him wearing shades with a Shiba Inu canine in the reflection.

Following his profile picture change, the cost of Dogecoin got a slight lift yet has since tumbled down, shedding the entirety of its end-of-the-week gains. The DOGE cost as of now is $0.174, dependent on information from Bitcoin.com Markets. Before Musk refreshing his profile picture on Twitter, he tweeted about Dogecoin Saturday, affirming that his child, named “X Æ A-12,” isn’t selling his DOGE.

Lil X is holding his DOGE like a champ. In a real sense never said the word ‘sell’ even once.

Musk has recently said he purchased Dogecoin for his child “so he can be a baby holder. He likewise demonstrated that he claimed DOGE himself yet didn’t unveil what amount, tweeting on May 20, “I haven’t and will not sell any doge.” In the meantime, Dogecoin’s exchanging volumes had expanded quickly. As indicated by information accumulated by Coinbase, as announced by the Insider: Dogecoin’s exchanging volumes took off 1,250% in the second quarter of the year on the world’s significant digital currency trades.

Dogecoin’s everyday exchanging volume shot up to $995 million in the April to June period, from $74 million per day in the primary quarter. In correlation, Coinbase’s information shows that ether’s exchanging volumes rose 53% quarter-on-quarter to a normal of $3.25 billion every day on worldwide trades. In the meantime, bitcoin’s day-by-day volumes fell 14% to $4.01 billion.

musk doge

Elon Musk’s History with the Cryptocurrencies

Elon Musk, the CEO of SpaceX and Tesla, has been linked with cryptocurrency for a while now. At the start of this year, Elon Musk revealed that he and his company have invested in Bitcoin, and they are going to sell some amount of their bitcoin holdings just to prove the liquidity of the cryptocurrency. Later on, his electric car company allowed its customers to pay in bitcoin. However, the company stopped accepting bitcoin payments citing environmental issues.

The creator of Dogecoin revealed that Elon Musk is in contact with them to make Dogecoin a better cryptocurrency. Elon Musk also tweeted in the form of a new meme cryptocurrency baby-doge; his tweets supporting this cryptocurrency have seen its value soared within a few days. Now again, Elon Musk has revealed his support for Dogecoin, which created excitement in the investors of this cryptocurrency, and also, the value of Dogecoin increased.

  • Luke Handt

    Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.

    Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.

    In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.

    When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.

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