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

    By Daniela Ešnerová


    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 tweetMusk'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.

    PEPE/USD

    0.00 Price
    +0.230% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.00000009

    ETH/USD

    3,313.16 Price
    +0.070% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 1.75

    XRP/USD

    2.22 Price
    -0.300% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01106

    BTC/USD

    95,712.95 Price
    -0.950% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 50.00
    Musk 2nd tweetMusk'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
    0.3120698 USD
    -0.0071795 -2.250%

    Related topics

    #Ethereum #Dogecoin #Cryptocurrency #Bitcoin

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    Twitter stock rockets as Elon Musk buys stake: what’s next?

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