Dogecoin’s DOGE tokens spiked 10% on Monday as Tesla (TSLA) CEO Elon Musk was revealed to hold a 9.2% stake in social media company Twitter(TWTR), worth around $2.88 billion.
The old scheme of DOGE pumping on news involving Ilon Musk continues to work. Apparently people have not learned their lesson well and it is not worth believing at all that Ilon Musk is doing something good for the Dogecoin community. Rather, he is using it for his own personal purposes to promote his products and make his own profit out of it all.
Musk has previously lent support to dogecoin development and adoption. Last May, he tweeted that he was working with dogecoin developers to improve system efficiency. That sent dogecoin prices up by 22%.
Yeah, and then he said on a TV show that DOGE should be exchanged for fiat money, because DOGE itself isn't serious and stuff like that. After that, the price slowly dropped from 40 cents to 10-13 cents. This is how Elon Musk speculates on this topic.