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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

0.52 Price

-0.530% 1D Chg, %

ETH/USD

2,503.48 Price

-0.740% 1D Chg, %

DOGE/USD

0.16 Price

-0.350% 1D Chg, %

BTC/USD

69,676.00 Price

+0.600% 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
0.1605234 USD

-0.0005597 -0.350%

Related topics

#Ethereum #Dogecoin #Cryptocurrency #Bitcoin

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0.1592362

0.1605234