I started to get whipped by this roller coaster ride, and this is the value of Dogecoin in the last few days. It skyrocketed during Tesla and SpaceX CEO Elon Musk’s debut last weekend but plummeted after he praised the Momo-inspired cryptocurrency as “busy.” A few days later, SpaceX promised to accept the company’s payments in Dogecoin and Tesla and then bounce again. Due to environmental concerns, it temporarily suspended the purchase of Bitcoin.
Well, guys, the price of leashed dogs skyrocketed Thursday night again via the following tweet:
“Working with Doge devs to improve system transaction efficiency. Potentially promising.”
Now, Musk is a well-known internet troll who used Twitter to get the stock market into trouble in his story, so much so that it makes sense, so anyone’s guessing if he’s serious. About an hour later, he posted another tweet, sharing some ancient wisdom from “The Hitchhiker’s Galaxy Guide” with millions of followers: Don’t panic! This seems to indicate that this may be a joke, but honestly, you know. (We’ve reached out to Tesla for clarification, but the company has been quiet since the dissolution of the public relations department in October last year.)
Whether in jest or not, its impact on the price of Dogecoin is genuine. According to Coinbase data, after Musk tweeted, Dogecoin’s value increased by 18%, and TradingView reported that its market value soared by $ 10 billion. Since then, the rumor has gradually subsided, but the value of Dogecoin is still about 11% higher than yesterday.
On Wednesday, Musk announced (also via tweet) that Tesla will no longer accept bitcoin for vehicle payments, reportedly over concerns about the “increasing use of fossil fuels for bitcoin mining and transactions.” He said that at the same time, Tesla would continue to seek more energy-efficient cryptocurrencies. While this is a laudable goal, Musk has just realized that the carbon footprint of crazy cryptocurrency mining is a given, making Tesla’s discovery look more like a PR move than any other thing.
On Monday, SpaceX agreed to accept payments made up of Dogecoin from the Canadian Geometric Energy Corporation (Geometric Energy Corporation) to secure an 88-pound satellite in stock during spaceflight scheduled for 2022. Approximately after Musk’s SNL (SNK) left. Since then, prices have been very volatile (even for cryptocurrencies). However, regardless of whether Musk’s tweets are serious or not, his grip on stock prices is undeniable, so I think the kobolds will laugh anyway.