Elon Musk at The Summit 2013
Elon Musk at The Summit 2013 in Dublin, Ireland on 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:

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How the market reacted:

Dogecoin to USD price chart at 5 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE
Dogecoin to USD price chart at 5 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE. TradingView

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:

Dogecoin to USD price chart at 5 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE
Dogecoin to USD price chart at 5 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE. TradingView

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:

Dogecoin to USD price chart at 5 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE
Dogecoin to USD price chart at 5 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE. TradingView

No apparent reaction.

8 February – 1:13 AM

How the market reacted:

Dogecoin to USD price chart at 5 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE
Dogecoin to USD price chart at 5 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE. TradingView

No apparent market reaction.

10 February – 3:08 PM

How the market reacted:

Dogecoin to USD price chart at 3 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE
Dogecoin to USD price chart at 3 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE. TradingView

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:

Dogecoin to USD price chart at 3 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE
Dogecoin to USD price chart at 3 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE. TradingView

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:

Dogecoin to USD price chart at 1 minute intervals, with a marker showing an Elon Musk tweet
Dogecoin to USD price chart at 1 minute intervals, with a marker showing an Elon Musk tweet regarding DOGE. TradingView

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.

Discussion

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