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Dogecoin jumps 10% after Elon Musk’s Twitter profile picture change

Jul 19, 2021, 16:59 IST
Elon Musk's new profile picture on TwitterElonMusk/Twitter
  • Elon Musk’s new Twitter display image has him reflecting DOGE in aviators he’s donning.
  • The price of Dogecoin saw a 10% jump as a result but not as much as it would have a few months ago.
  • The price of the cryptocurrency has since dropped and wiped out half of its gains trading at $0.18.
Tech billionaire Elon Musk may not have the power to move markets, but his actions can still produce a significant nudge. The Tesla and SpaceX chief executive (CEO) recently changed his profile picture to a headshot with DOGE reflecting in his sunglasses.

Also Read:

Elon Musk is losing his power over the crypto community after his latest tweets failed to boost dogecoin or bitcoin

Tech billionaire Elon Musk may not have the power to move markets, but his actions can still produce a significant nudge. The Tesla and SpaceX chief executive (CEO) recently changed his profile picture to a headshot with DOGE reflecting in his sunglasses.
There was no 10x rally, but the price of Dogecoin did see a 10% jump on Sunday as a result. The jump occurred despite Dogecoin co-founder Jackson Palmer making a quick return to Twitter to cite his dissatisfaction with the crypto industry.

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The change to Musk’s profile picture of Twitter came a day after he tweeted that his own son was “holding his Doge like a champ.”


Dogecoin’s other co-founder Billy Markus took to Twitter to post his own meme about Musk’s market-moving powers — which are debatable considering that half of Dogecoin’s gains have already been wiped out with the cryptocurrency currently trading at $0.18, according to CoinMarketCap.

As compared to the days of yore, the crypto community has likely grown tired of Musk's tweets, possibly making his influence fade away as just another passing fad.
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Dogecoin started out the year at around $0.004 but soared by more than 15,000% to $0.70 in May. The rally allowed some, like Goldman Sachs executive Aziz McMahon, to cash out and leave their jobs. Since the days of yore, the cryptocurrency has lost over 70% of its value.

Love him or hate him — Musk is the ‘Dogefather’


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Dogecoin is an altcoin, which means when it was programmed into existence — the token was only meant to be a joke. But, along came Musk, who sent the price of Dogecoin all over the place with his Tweets and random mentions.

In fact, the altcoin’s popularity and authenticity, in part, comes from Musk’s endorsements giving him the name — Dogefather.

The crypto community has criticised Musk in the past of creating volatility with his comments. Some got so sick of his antics that they even created a cryptocurrency to get their message across called StopElon.
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Binance CEO Changpeng Zhao also called out Musk for his irresponsible commentary. "I think Elon Musk wants to be a humorous guy... But he has to realize that his tweets do have the power to move markets," Zhao told Bloomberg in an interview.

For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

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