Bitcoin, Ethereum, and Dogecoin momentarily rise after Elon Musk’s tweets
- ByStartupStory | March 14, 2022
Elon Musk’s tweet, in which he stated that he will not sell the digital tokens he owns, caused a temporary rise in the value of cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin.
The CEO of Tesla and SpaceX had sent out a tweet seeking input on the likely inflation rate in the next few years. “As a general concept, for anyone seeking advice from this post, it is generally better to possess physical things like a home or shares in firms you believe provide good products, than dollars when inflation is high. I still own and will not sell my Bitcoin, Ethereum, or Doge.”
Bitcoin was trading at $37,725 at 5:44 a.m. India time, but it quickly rose to $38,826 at 9:49 a.m. India time after Musk’s post. At 4:34 a.m., Ethereum was trading at $2,503, and at 9:49 a.m., it had risen to $2,595. At 9:49 a.m., Dogecoin was trading at $0.119, up from $0.1107 at 4:34 a.m.
Elon Musk is well-known for using his social media posts to influence the value of cryptocurrencies. His tweets about Dogecoin in the past, including one in which he labeled it the “people’s crypto,” have helped the meme coin surge 5,859 per cent over 2021.
Musk, who was chosen Time magazine’s Person of the Year for 2021, reiterated his Bitcoin, Ethereum, and Dogecoin holdings in October of last year. He keeps a close eye on the bitcoin market and routinely tweets his insights.
On January 14, the value of Dogecoin skyrocketed after he announced that the cryptocurrency could be used to purchase Tesla Inc items.
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