The CEO of electric vehicle maker Tesla Inc., Elon Musk, is an ardent lover of cryptocurrencies, with Dogecoin (DOGE) unarguably his favorite. The CEO maintains a massive presence on social media platforms particularly Twitter, where he has over 46 million followers. The presence of Elon Musk in the crypto space has been more of an influencer, after all, he has the platform to sell his words to millions of people who already respect his achievements, first for being the first private spacecraft inventor to send NASA astronauts to space through SpaceX, and more recently with his ascension as the world’s richest man. Elon Musk’s tweets, in general, are far-reaching and those targeted at cryptocurrency investments are known to drive increased price surges in the underlying cryptocurrency assets. Knowing the power he commands, how exactly does Elon Musk wield his influence? Elon Musk at the ForeFront of Dogecoin, Bitcoin Latest Rallies For a relatively brief period, Elon Musk changed his Twitter profile status to bear the “#Bitcoin” tag. This gesture was seen as a prompt that the billionaire investor is endorsing the premier digital currency and this sent Bitcoin’s price up close to $40,000. Though Elon’s influence on the price of Bitcoin back then could not usher in a new all-time high for Bitcoin before fading out, the cryptocurrency benefitted from Elon Musk’s Twitter crypto missives. Of more emphasis is Elon Musk’s incessant bullish comments about Dogecoin. The coin was forked out of Litecoin (LTC) back in 2013 to serve as a fun cryptocurrency with very limited real-world use cases. The coin has since been adopted basically for tipping content creators on social media pages including Reddit and Twitter. Dogecoin, a meme coin that features a Shiba Inu dog on its logo has been involved in so many pump and dump schemes of late, with Elon Musk playing a role in some of the latest of such occurrences. The Tesla boss is always posting bullish comments such as his comment on Sunday noting “Who let the Doge out.” Comments including this one have drawn many crypto investors and traders to take advantage of the temporary price surge of Dogecoin to amass gains. What Then Is Elon Musk’s Gameplan? While many have wondered about the broad gameplan of the Tesla boss, it should be noted that Elon Musk has a relatively low Bitcoin portfolio with just about 0.25 BTC. The vocal tech genius has been very discreet about his cryptocurrency holdings and though some of his comments suggest he is positively disposed to these emerging assets, Musk has never revealed the extent of his holdings, as much as other crypto advocates do. It can even be wondered if Elon Musk actually owns the Dogecoin he claims to love so much. While one ponder on this, other questions such as the plausibility of the CEO driving promotional Dogecoin tweets to cash in on the subsequent valuation surge comes to mind, and also, the true interest fueling the CEO’s interests in these digital currencies. But from what it seems from the layman’s views, the involvement of Elon Musk might be for fun, but the extent to which it favors and ruin investors in the space may need to be brought to his attention much frequently.
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