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.
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.
How much is that Doge in the window? pic.twitter.com/bxTkWOr50V— Elon Musk (@elonmusk) May 20, 2021
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.
Doge can never be $ 1 because you dropped the bitcoin. You must first learn the rules of this market. If Bitcoin is strong, others can breathe. Someone should teach you that you did the wrong plan...— Krsdtryk (@Krsdtryk) May 21, 2021
I SPENTTTT ALL MY MONEYYY ON BITCOIN AND ITSS ALL GONNEEE!!!! NEVER TRUSTING YOU AGAIN ELON!!!— tmack (@tmackfn) May 20, 2021
Elon send me 1 bitcoin I'll send you two back I promise x— Dr. Parik Patel, BA, CFA, ACCA Esq. 💸 (@ParikPatelCFA) May 20, 2021
Man i just invested all my life savings in dogecoin, dont make it flop please— Angelo Caldarini (@AngeloCaldarin1) May 21, 2021
I will believe in Elon Musk no matter what. He will change the history of humanity forever, he is a visionary, he invented paypal, he sees how money works better than us. I just trust that what he is doing is not malicious.— Lena_Ioana (@Lenaipink) May 20, 2021
Doge holders won’t even find this take ironic... there is a lesson there— Justine (@MsHodl) May 20, 2021
doge isn't more environmentally friendly. It's literally a copy of the bitcoin protocol with different parameters (infinite supply vs finite). It uses the EXACT SAME Proof of Work as bitcoin. People need to educate themselves on crypto rather than just mindlessly read headlines— ted miller (@tedmiller1988) May 20, 2021
Elon, with all due respect, some of us are not going to take you seriously until you sell your Bitcoins.— Javier Gancedo (@ganchetto) May 20, 2021
If they are so bad for the environment, why holding on to them instead of selling and buying more Doge (or just anything more environmentally friendly) instead.
I lost everything because of your crypto tweets and today I live under a bridge like the lutin grognon— Paul 🧞♂️ (@elpaulohermano) May 20, 2021
I hope you are proud