Elon Musk, sometimes referred to as the “Dogefather,” proved that he is still capable of driving market momentum after he asked his followers if Tesla Inc TSLA should accept Dogecoin DOGE/USD, and only 10 minutes after the price of DOGE was up by 15%.
What Happened: At the time of writing, 77% of over one million voters were in favor of the automaker accepting Dogecoin as a means of payment.
Do you want Tesla to accept Doge?— Elon Musk (@elonmusk) May 11, 2021
The Tesla CEO also commented on a Bloomberg article that called the popular meme-based cryptocurrency “the people's hustle.”
Dogecoin is democratizing the hustle. https://t.co/Z6JcuHq4Kw— Tim Culpan (@tculpan) May 11, 2021
Moments after Musk tweeted the words “Exactly” in response to the author’s claims that Dogecoin is “democratizing the hustle,” DOGE’s price surged to $0.539, recovering most of yesterday’s losses.
Why It Matters: Musk’s appearance on SNL had the opposite effect to what most people anticipated, after he admitted DOGE was a hustle leading to the cryptocurrency’s price falling by over 30%.
Even the announcement of a SpaceX satellite “Doge-1,” paid for completely in DOGE failed to provide strong resistance to its price as it fell from $0.58 to $0.44 on Monday.
As #DOGE Coin collapses over 50% from its peak, late buyers are begging Elon Musk to tweet something bullish after an unamusing Saturday Night Live performance.$DOGE #DogeCoin #SNLdoge pic.twitter.com/07P1pJ6R1e— Mr. Whale (@CryptoWhale) May 9, 2021
At press time, DOGE was trading at $0.5048, recovering from the entirety of yesterday’s dip within a 45-minute time period. The coin’s 24-hour trading volume was at $19.9 billion, down 37% overnight.
Image: Heisenberg Media on Wikimedia Commons
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