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DOGE, ELON up and down on Musk’s Twitter U-turn

By Daniela Ešnerová

20:10, 11 April 2022
Updated

Dogecoin (DOGE) and a cartoon of Elon Musk. — Musk claims that bitcoin (BTC), ether (ETH), and DOGE are the only cryptocurrencies he owns – Photo: Shutterstock

Dogecoin – the biggest meme coin owned and supported by Tesla chief executive Elon Musk – and dogelon mars, a token inspired by him, both felt impacts after he did not join Twitter’s board as expected.

Dogecoin (DOGE) and Dogelon mars (ELON) rose and fell on Sunday as Musk’s status with the board changed. DOGE’s price took a rollercoaster ride, while ELON trended mostly downward. The volatility came after both coins had risen earlier Sunday, when Musk indicated that DOGE be used to pay for Twitter's premium Blue service.

Musk tweet

Musk's tweet - Credit: Twitter

Parag Agrawal, Twitter’s chief executive, revealed on Monday that Musk would not be joining the board, even though his appointment was due to take effect on Saturday. Last week, Musk bought a 9.2% stake in the social media giant, becoming its largest shareholder.

Both DOGE and ELON were well down on Monday as the overall cryptocurrency market declined.

DOGEcoin to US Dollar

Musk, arguably the world’s biggest influencer when it comes to cryptocurrency market-moving tweets, has been a long-time supporter of DOGE. Last year, he said bitcoin (BTC), ethereum (ETH), and DOGE were the only cryptocurrencies that he owned.

Both DOGE and ELON jumped last week on news that Musk would join Twitter’s board.

XRP/USD

1.23 Price

+11.160% 1D Chg, %

DOGE/USD

0.39 Price

+2.910% 1D Chg, %

ETH/USD

3,364.60 Price

+9.170% 1D Chg, %

BTC/USD

98,583.05 Price

+4.320% 1D Chg, %

Musk 2nd tweet

Musk's second tweet - Credit: Twitter

DOGE rallied many times in 2021 on Musk endorsements. Meme coin values often fluctuate according to the South Africa-born American entrepreneur’s public comments about them. DOGE famously nosedived after he mocked it during his opening monologue on the US television show Saturday Night Live in May 2021.

On the other hand, DOGE jumped 9% after Musk was scheduled to join Twitter's board and added 8.3% following his proposal to allow customers to buy Twitter subscriptions with the coin. But Doge then retreated.

Meanwhile, ELON followed a similar pattern. The coin also rose after Musk's proposal, climbing as high as $0.0000009366 on Sunday evening, but then it fell sharply.

Markets in this article

DOGE/USD
DogeCoin / USD
0.3876587 USD

0.010954 +2.910%

Related topics

#Ethereum #Dogecoin #Cryptocurrency #Bitcoin

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.

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0.3863715

0.3876587