Elon Musk, the billionaire Tesla touting dogecoin, raised the price of memes-based cryptocurrency, tweeting that his son “holds his doge like a champ.”
The price of dogecoin, down about 75% from its April peak, hit a low of less than 17 cents after Musk posted on Twitter.
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“Little X is on the prowl [a crypto twist on the word “holding”] his doge like a champion, “Musk replied to a meme posted by a Musk and Dogecoin fan account. “Literally never said the word ‘sell’ even once!”
Musk has previously stated that he purchased his son, whose name is X Æ A-12, dogecoin “so that he can be a toddler hodler” and also stated that he himself owned dogecoin although the we do not know how many.
The tweet is the latest in a long line of cryptocurrency posts and market interventions by Musk through 2021. Earlier this year, Tesla revealed that it had purchased 1.5 billion dollars. dollars of bitcoin while Musk said his rocket company SpaceX would “put a literal moon dogecoin.”
The price of dogecoin began to rise this year after traders frustrated with restrictions on stocks even in January piled up in the cryptocurrency “joke” and the bitcoin and crypto exchange Coinbase added a support.
Dogecoin is up nearly 6,000% from the same period last year amid a larger crypto rally that saw the price of bitcoin rise by around 250% and hit an all-time high of around $ 65,000 per bitcoin.
However, the price of bitcoin and the broader cryptocurrency market has fallen sharply in recent months, with the combined market losing $ 300 billion since mid-June.
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This week the bitcoin and cryptocurrency world was rocked by an attack on crypto by one of the creators of dogecoin – something he said he did like a joke.”
In a series of tweets, Jackson Palmer, who developed the tongue-in-cheek dogecoin in 2013 only to reach a value of $ 25 billion, called the entire crypto market “inherently right-wing hyper-capitalist technology built primarily to amplify the wealth of its supporters through a combination of tax evasion, reduced regulatory oversight and artificially enforced scarcity. ”