The price of Dogecoin shot up last night after Elon Musk mentioned on Twitter that he did not sell any of his Dogecoin and won’t be selling them in the future. The cryptocurrency market saw a huge fall this week after China banned its banks from doing any crypto transactions. 

© Reuters

However, the market soon started to recover and the price of the digital coin was up more than 11%, hours after the first Musk Tweet. “How much is that Doge in the window?,” Musk tweeted on Thursday morning.

How much is that Doge in the window? pic.twitter.com/bxTkWOr50V

He later said in a reply to another user that “I haven’t & won’t sell any Doge.”

Yeah, I haven’t & won’t sell any Doge

Musk regularly talks and posts about dogecoin on Twitter and has even been accused of manipulating the market by many analysts. However, Musk said earlier this month that he was working with the developers to improve the cryptocurrency. In his appearance on “Saturday Night Live”, he referred the cryptocurrency as a “hustle” and said its value is largely speculative at this point.  

© Reuters

The Tesla CEO has been a huge advocate of cryptocurrency and even said in a recent interview that “there is a good chance that crypto is the future currency of the world. Then the question is which one is it going to be? It could be multiple." 

He then explained how Dogeocoin started as a joke but can “become a real currency.” However, he did issue a cautionary warning saying “Don’t invest your life savings into cryptocurrency. That’s unwise.”

View the full article