There isn't a shortage of eccentric billionaires in the world, but few can affect the stock market with a single tweet the way Elon Musk can. (The only other one who comes to mind was also President of the United States.) Musk's tweets have caused obscure stocks to soar. They had a measurable impact on the prices of cryptocurrencies. And no coin has benefited more from those bumps than Dogecoin.
While Musk's business decisions suggest that Bitcoin is the non-fiat currency that strikes his fancy, the SpaceX founder just can't stop tweeting and memeing about doge! Below, we've chronicled virtually every tweet Musk has posted about Dogecoin.
This tweet seems to be the first time Musk discussed Dogecoin on Twitter. It was a response to a poll conducted by the coin's official Twitter, in which 49 percent of respondents thought Musk should be the CEO of Dogecoin.
At this point, most people thought Dogecoin was a silly meme and not an actual altcoin people were mining and investing in. Within days of the tweet, the price of the coin had doubled. Don't be too impressed, though; it went from being worth $0.002 to $0.004.
Musk seemed to tweet about DOGE as sort of a joke, like his response to this parody article from The Onion disparaging the validity of Bitcoin. And then for more than a year, Musk didn't have much to say about Doge.
His interest in dogecoin resurfaced in April 2020, but merely as a play on words in response to a fan's tweet about whether the Cybertruck would have the "dog mode" feature in other Tesla models (which keeps the car climate controlled and has a screen notifying passersby there's no need to worry.
And again in July 2020, when a Twitter user asked the billionaire for some bitcoin. Considering the exchange rate of bitcoin to doge, he'd have to be "hodling" a lot of DOGE to satisfy that guy's request.
Amid the COVID-19 pandemic, cryptocurrency has been having a real volatile moment. The turning point for Dogecoin was in December 2020. And it was all because of this tweet that suddenly had speculators wondering, "wait, is dogecoin a good investment?"
And in 2021, it just seems like Musk can't keep the name of this coin out of his mouth. At this point, we're pretty sure his son X Æ A-12's first word was probably "doge."
But all joking aside, Musk's comments about Dogecoin seemed to get more serious in February.
The day Musk tweeted this, DOGE hit its lifetime peak (at least as of this writing). The coin was worth nearly $0.08 on February 9, 2021.
I guess if you want to teach your kid about blockchain, you can certainly get a lot of bang for your buck with DOGE.
Now that we know that Musk has a vested interest in dogecoin, however, it's hard not to see each tweet as deliberate pumping.
We're sure Musk's DMs were exploding with respondents to this offer.
In all seriousness, considering the one-minute block time, Doge is probably a great training tool for baby miners.
I guess the point here is that nobody took Bitcoin or Ethereum seriously a few years ago and yet they grow more legitimate by the day — perhaps one day, Dogecoin will hit $1 after all.
Although Musk acknowledges that his tweets are mostly for the love of the meme, he seems to be conceding that he's potentially bullish about dogecoin.
Or maybe it's all just been a big buildup for an April Fools' joke.