Elon Musk takes Dogecoin on a wild ride after he tweets 1950s song, netizens baffled

Tesla CEO Elon Musk has been a supporter of cryptocurrency and his opinion about them fluctuate their market price. Similar thing happened on May 20 as Musk tweeted in support of Dogecoin that led to an increase in its market price. He shared a picture with the word "CYBERVIKING" in blue neon lights along with a caption in a reference to Patti Page's song from the 1950s. After the tweet of Tesla founder, the price of cryptocurrency spiked as high at $0.436622 on May 20, according to the CoinDesk chart.

Musk Effect on Dogecoin

Elon Musk on his Twitter handle wrote, "How much is that Doge in the window?", with a picture of the Shiba Inu dog from the "doge" meme, from which the coin takes its name and logo, on a dollar bill. He attached the photo with the word "CYBERVIKING" in blue neon lights. The photo shared by Musk shows Shiba Inu in the place of George Washington. The tweet of Tesla boss comes after Dogecoin saw a steep fall in price on May 19, as the whole crypto market suffered a crash. The Doge crash brought down the Dogecoin price from around $0.50 on May 18 to a low price of $0.21, as per the CoinDesk chart. 

The prices of cryptocurrencies dropped massively on May 19 as China banned cryptocurrencies from transactions and initial coin offering but the prices have lowered since last week after Tesla had stopped accepting Bitcoin as payment citing environment reasons. The billionaire had also questioned his Twitter followers if they want his automobile firm Tesla to accept Dogecoin. The question which was posed in the form of an opinion poll came days after Musk called Dodge a "hustle", which led to surge in its price. Dogecoin which started back in 2013 as a joke, driven by the power of social media and memes, has now grown to become the fourth-largest cryptocurrency in the world after jumping more than 700 per cent in the previous month. The latest tweet of Musk has got several reactions from netizens some of whom are blaming him for their loss.

IMAGE: AP/ElonMusk/Twitter