Dogecoin up 8% following a tweet by Elon Musk
13:29, 25 October 2021
Dogecoin’s value rose by 8% this morning following a tweet by business magnate and Tesla CEO, Elon Musk, confirming that he held some of the meme-inspired cryptocurrency as well as bitcoin and Ethereum (Ether).
In response to questions about his holdings, Musk Tweeted: “…I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge. That’s it”.
But the excitement surrounding the tweet died just after midday, as the Dogecoin price fell back to just 1.74% higher, at $0.262600.
Crypto price influence
It’s not the first time that Musk has tweeted about his crypto holdings, his comments tend to be a major influence on the price of cryptocurrencies when he talks about his investments in them on social media.
In response to questions from a crypto-YouTuber named @ProTheDoge, Musk referred to Dogecoin as the ‘people’s crypto’, adding: ‘Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Sillicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”
What is your sentiment on DOGE/USD?
No Shiba Inu holdings
Another follower of the conversation @ShibaInuHodler asked Musk if he was holding any Shiba Token. His response was “None”, after which Shibu fell 7.4% to $0.000003 following the revelation.
Despite his admissions, Musk also warned investors to be cautious over crypto. He tweeted: “As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.”
Read more: Binance delays issuing Lazio coin
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The main difference between CFD trading and stock trading is that you don’t own the underlying stock when you trade on an individual stock CFD.
With CFDs, you never actually buy or sell the underlying asset that you’ve chosen to trade. You can still benefit if the market moves in your favour, or make a loss if it moves against you.
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