Elon Musk, CEO of Tesla, SpaceX, as well as several other top companies, posted a meme video about a popular altcoin. Musk’s tweet came in response to a tweet by Ark Invest Research Director Brett Winton about Bitcoin miners.
Video that explains everything
Brett Winton shared a short conversation between someone who understands Bitcoin and its mining and someone who doesn’t know what “mining” is. The mother in the dialogue is someone who doesn’t understand crypto and thinks miners are human. Elon Musk responds by posting a video about Dogecoin, saying it “explains everything”. The video features a Shiba Inu dog (the symbol DOGE) riding a rocket, allowing it to surpass Bitcoin and other major cryptos by market cap. In the video, the price of DOGE rises and goes to the “moon”.
Video also Dogecoin, Bitcoin, Litecoin and other first generation cryptocurrencies and briefly shows the microchips used in mining. Dogecoin co-founder Billy Markus joined the discussion, describing this video as “the best cryptocurrency video in history”. The comments under Winton’s tweet also included complaints from someone who couldn’t explain Bitcoin to their spouse. Another Twitter user in his 60s admitted that he couldn’t understand Bitcoin and stated that he missed a big trend.
Musk won’t sell Bitcoin and altcoin holdings
In early March, Tesla CEO Elon Musk announced that he still owns some Dogecoin and two major cryptocurrencies (Bitcoin and Ethereum). Musk also said that he will not sell his cryptocurrencies. Dogecoin (DOGE) price reacted to tweets during the day with a 9% increase. But the hype was short-lived, returning about half of its gains. It is currently trading at $0.1435.
Tweets by Elon Musk in the past have had a huge impact on the Dogecoin price, and almost every share of the millionaire has priced Dogecoin (DOGE). However, now the “Musk effect” on the DOGE price seems to be getting more and more ineffective.
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