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Market Musings

Elon Musk Shares Surreal Lion King Picture and Calls Dogecoin 'the People's Crypto'

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Published on:
February 4, 2021

The Tesla CEO's time off Twitter was incredibly short lived to say the least.

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Just two days ago, Elon Musk announced that he was planning to take a break from Twitter.

 

His time off the social media platform was incredibly short lived to say the least.

 

Returning to share pearls of wisdom with his 45 million followers, Musk has now removed #bitcoin from his bio — a stunt that had helped the world’s biggest cryptocurrency to surge by thousands of dollars last week.

 

In an increasingly surreal flurry of tweets, he shared a photo of a rocket in front of the moon, adding the caption: “Doge.”

 

He then shared a picture from The Lion King — showing the famous scene where Rafiki holds up Simba on Pride Rock. There were a couple of *teeny tiny* alterations. Musk’s smiling face was superimposed on Rafiki’s, while Simba’s face had turned into Doge.

Subsequent tweets added that “Dogecoin is the people’s crypto” — and “No highs, no lows, only Doge.”

 

As you might expect, Musk’s latest endorsement sent the price of DOGE surging once again. At the time of writing, it’s up by 56.9% over the past 24 hours.

 

There’s a lot of bemusement as to why the world’s richest man is so infatuated with Dogecoin, a cryptocurrency that was started as a joke in December 2013.

 

Meanwhile, new research has been examining the impact that Musk’s crypto musings have had on the price of Bitcoin and Dogecoin.

 

According to the Blockchain Research Lab, which analyzed six incidents when Musk had tweeted about crypto, “significant increases in trading volumes” happened every time. The biggest increases happened when the billionaire’s messages appeared to be unrelated to what was going on in the market at the time.

 

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