Elon Musk Tweets, and Dogecoin Soars. What Does That Say About Crypto as an Investment?
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Twitter is powerful tool for moving cryptocurrency prices. At least, it is if you're Elon Musk.
Dogecoin's price jumped more than 10% at one point last Friday after the Tesla CEO tweeted that Tesla merchandise can now be bought with the meme coin.
This wasn't the first time Musk's words have moved Dogecoin's price. His comment on Twitter in July that a Dogecoin update could give it an edge over popular cryptocurrencies Bitcoin and Ether, and Musk's post of a meme in April, also sent the meme coin's price surging. And of course, there was that Saturday Night Live performance when the cryptocurrency's price plummeted after Musk called it a "hustle."
Musk's company has become a cult stock, and when the billionaire makes moves like consulting his Twitter followers about whether or not he should sell 10% of his Tesla shares, it gets everyone talking on social media. So it's not surprising that he has outsized influence in the crypto community as well.
