Musk Calls Dogecoin ‘People’s Crypto’
Musk’s first tweet promoting Dogecoin was just two letters: ‘Doge.’ He went on to promote it through various other tweets, the most recent one saying the digital currency had reached “real moon status.” “Going to the moon” has long been used in exchanging markets to indicate an anticipated jump in stock valuation. Since being shared, DogeCoin’s assets increased by 25% since Elon Musk tweeted at 8:00 AM ET; by 10:17 AM ET its exchanging surged 23.11% reaching $0.0581 per coin. Musk had previously described DogeCoin as the people’s crypto, but in a subsequent tweet expressed: “No highs, no lows – just Doge”. Tesla CEO Elon Musk added the term ‘Bitcoin’ to his Twitter bio (later removed it again) which led to an immediate jump of up to 20% in digital currency price. Furthermore, Musk stated on Clubhouse (voice-based social app) that Bitcoin “is something worth being thankful for”, even if he came “late to the party”.
Elon Musk of Tesla Inc recently stated that in order for cryptocurrency Dogecoin prices to become more widely used in retail purchases, their costs must decrease substantially in order for purchasing movie tickets to become practical. “Very important for Doge expenses to decrease so purchasing film tickets becomes feasible,” tweeted Elon Musk.
Musk was responding to Shibetoshi Nakamoto, creator of Dogecoin who no longer participates in its creation and management. Nakamoto had tweeted, “Robinhood Announcing Wallets; AMC CEO looking at Tolerating Dogecoin; Crypto Market at last seeing some Green… I Gotta Say,” in response to what had occurred.
After AMC Entertainment Holdings Inc. announced they will accept Bitcoin, Bitcoin Cash, Litecoin and Ether payments as payments, CEO Adam Aron conducted a Twitter survey asking whether his organization should also acknowledge DOGE cryptocurrency as well.