This is How DOGE Reacts When Elon Musk Tweets
- The founder of Tesla and SpaceX has tweeted thirteen times about the meme coin in February.
- The first tweet caused a spike of 40% in half an hour, while subsequent tweets produced mixed results.
Elon Musk at The Summit 2013, Dublin, Ireland, 31 October 2013. Dan Taylor/Heisenberg Media
The founder of Tesla and SpaceX is an overt fan of cryptocurrency. Nowadays, he regularly tweets about various digital assets — usually Bitcoin, Ethereum, but mostly Dogecoin as of late — expressing his opinion in as little as three words, his thought synopsis reverberating through the fabric of cryptocurrency. For whatever reason — maybe meme capacity, maybe he likes the dog — Elon cherishes Dogecoin. In this article, I examine Musk’s latest tweets regarding DOGE, and how the market reacted.
4 February – 7:29 AM
In reference to Dogecoin, Elon tweeted:
How the market reacted:
In half an hour, the price went up 43%, from $0.041 to $0.059. This was the first tweet in a series of meme-infused posts about DOGE.
6 February – 4:51 AM
He posted a poll about DOGE. Naturally, DOGE won:
How the market reacted:
No apparent market reaction; the price was already in an uptrend before the tweet was posted.
7 February – 7:41 AM
How the market reacted:
No apparent reaction.
8 February – 1:13 AM
How the market reacted:
No apparent market reaction.
10 February – 3:08 PM
How the market reacted:
In a few minutes, DOGE went up 17%, from $0.0695 to $0.0815.
14 February – 11:25 PM
His previous tweet was about DOGE as well, this time containing a bit more substance:
How the market reacted:
In a minute, the price of DOGE jumped from 14%, from $0.056 to $0.064.
21 February – 9:27 PM
And finally, the latest tweet, from 21 February:
Here’s how the market reacted:
In two minutes the price of DOGE jumped 9%, from $0.0545 to $0.0595.
Summary
Musk has posted a total of thirteen times about DOGE in February 2021. Half the time it was in succession to a previous post about the meme coin. In four out of the seven tweets I analyzed the market reacted in any way that is attributable to the tweet.
- Twitter CEO Elon Musk changed the social media platform’s iconic blue bird logo with that of the famous meme cryptocurrency on Monday, causing a 25% surge in DOGE price.
- The icon change was made only a couple of days after Elon Musk tried to dismiss a $258 billion lawsuit that alleged he had used his social media presence to manipulate the price of DOGE.
Shutterstock
- Elon Musk’s poll on whether he should step down as the CEO of Twitter has ended with 57.5% of users favouring the change.
- The poll was launched shortly after a backlash from users over a new Twitter policy, with Musk vowing to “abide by the results of this poll”.
- Elon Musk has finally completed his $44 billion acquisition of Twitter, and has reportedly fired three of the top executives of the company on his first day.
- Binance CEO Changpeng Zhao confirmed on Friday that the exchange had contributed $500 million to the Twitter deal.