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.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
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.”
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.
People seem focused on whether the hack was good or bad for Bitcoin.
That is missing the forest for the trees.
The hack very publicly exposed the inherent vulnerability of single point of failure systems. That is the real story.
— Sahil Bloom (@SahilBloom) July 16, 2020
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.