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Elon Musk, His Twitter Account, and Dogecoin

Elon Musk likes to make interesting comments on his Twitter account, and millions of people monitor his account, which makes his comments even more unique. This week, the largest holder of dogecoin (DOGE) purchased 4.2069 after Elon Musk said he has no intention to sell any of his dogecoin holdings.

After his tweet, the dogecoin whale bought 4.2069 dogecoins, amounting to $1.72 billion, when it traded 31.07% higher at $0.41. The whale’s wallet contained DOGE worth $15.02 billion. The whale account is speculated to belong to Elon Musk or an admirer of the entrepreneur. As of May 20, the account completed transactions of 28.061971 DOGE, which is a reference to Musk’s birthday.

 

Musk, dogecoin, and bitcoin

Musk posted a tweet in the early morning hours on May 20 that read, “How much is that Doge in the window ?”. His tweet helped dogecoin to strengthen its position, as it was up 11% on early Thursday morning after his tweet. Its price soared to more than $0.41.

His tweet came after a string of dogecoin-related posts from the billionaire entrepreneur. Every time he posts something about dogecoin, the price of dogecoin goes up.

Other companies to reap benefits from Elon Musk’s tweets in recent months include Etsy, GameStop, and others.

The dogecoin boost came the day after bitcoin, dogecoin as well as ether fell significantly before slightly recovering later in the day. China once more demonstrated its position regarding cryptocurrencies. The price of the world’s largest cryptocurrency dropped 30% to almost $30,000 due to China’s decision.

Tesla also made a decision that created pressure on bitcoin. Several months ago, the carmaker made a historic decision, as it decided to accept bitcoin as a form of payment. On May 20, he announced that Tesla would no longer accept bitcoin for payment of its electric cars.

Musk stated that bitcoin uses too much of the environment’s energy to mine. Musk did not forget to mention that Tesla has no intention to sell bitcoin and the company plans to use it for transactions as soon as mining transitions to more sustainable energy. Elon Musk also hinted that the company was looking at other cryptocurrencies that use less energy. Some of his followers on Twitter criticized Musk’s position. One user suggested that there is only one cryptocurrency that uses less energy for mining and that cryptocurrency is dogecoin.

 

 

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