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As Musk added “DOGE” to the following tweet of the Falcon 9 launch, the market responded by rising over 50 percent within an hour. The value of the meme-cryptocurrency reached $0.0604 before it plummeted a bunch. At the time of writing, DOGE was trading at $0.0494.
These pumps, however, were observed on the market against the volatility patterns observed in the crypto market.
The Bitcoin business and the remaining cryptocurrencies remained unstirred by global developments rocking the financial market aside from COVID-19. Although avoiding global demand was seen as a good shield for investors, the equity-driven uncertainty was seen as a new way to manipulate and play with the market.
Musk was at the forefront of this movement, when his mention of Bitcoin on his Twitter profile prompted BTC to jump by 19 percent within an hour. Although market declines have been made, several observers agree that this surge has been in line with the noticeable bearish pattern in the BTC market.
Since Bitcoin’s knee-jerk response to Musk, numerous Telegram and TikTok parties have been rallying to create an unrelated pump and dump in the DOGE market and the XRP market. Interestingly, Musk could also be contributing to this trend by shilling DOGE and allowing its price to increase.
In his most recent Clubhouse interviews, Musk explained his position on DOGE and said that all of his tweets on the digital asset were intended to be “jokes.”:
“…you know Dogecoin was made as a joke to make fun of cryptocurrencies obviously…the most ironic outcome would be that Dogecoin becomes the currency of earth in the future.”
Interestingly, this time Musk named the meme-coin “People’s Crypt” and said that there was “no need to be a gigachad to own” the asset. The CEO may have been back from his brief Twitter hiatus and deleted Bitcoin from his profile, but he still dreams of DOGE and is not afraid of spreading it.