Elon Musk Selling DOGE Gives Dogecoin Another Pump


Tesla CEO Elon Musk has joined the party but late this time.

Last time, the zoomers weren’t able to realize their mission of taking DOGE off to $1 but it looks like Musk is here to make it a reality this time, or not.

The co-founder and CEO of SpaceX is back at tweeting about his favorite coin Dogecoin. Today, in a tweet, he memes about the “inevitability” of the Dogecoin standard overtaking the global financial system.

In a few hours, the price of DOGE jumped more than 24%. Currently, it is trading around $0.00345, still up over 14%.

In a separate tweet, Musk said “I only sell Doge!” which was in response to one user asking “where's my fucking bitcoin.”

Earlier this week, the major twitter accounts including Musk’s were hacked to promote a bitcoin-related giveaway scam. According to the New York Times, it is reportedly an insider job.

Currently, the focus is on taking the bitcoin addresses to get to the hackers, the scam addresses have a history of “gambling on Bitmex and Coinbase usage.”

The hackers were only able to scam 12 BTC worth $120,000 out of people, the funds are currently on the move through mixing and merchant services.

Pump only to Dump

This isn’t the first time Musk has tweeted about DOGE and that has resulted in the altcoin’s price jumping. Back in April 2019, DOGE spiked 44% only to retrace to the price level where Musk mentioned the crypto.

“Bro where were you last week? We could have pumped this thing to not $1 but $2,” commented trader Josh Rager.

Earlier this month, the retail activity in equity markets spilled into the digital currency markets as a viral challenge on the popular social app Tik Tok saw users talking about pumping Dogecoin to $1.

The price of DOGE went to only about $0.0050 but its market cap jumped 150% to $700 million and its trading activity went off the charts.

The meme coin had since then pulled back to the level the pump started before Musk jumped in to pump the coin once more but these gains are also slowly wiping out.

Dogecoin (DOGE) Live Price

1 DOGE/USD =$0.0091 change ~ -0.41%

Coin Market Cap

$1.16 Billion

24 Hour Volume

$44.57 Million

24 Hour VWAP

$0

24 Hour Change

$0.00

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