elon musk tweet about baby doge News and Updates from The Economic Times - Page 1 (2024)

FAQs

What was Elon's first tweet about Dogecoin? ›

On April 2, 2019, Musk posted on X (formerly known as Twitter) about DOGE, saying, "Dogecoin might be my fav cryptocurrency. It's pretty cool." Musk had around 25 million followers when he tweeted this, but his post only has 11,000 likes to date.

During a Q&A, someone in the audience asked Musk when they could buy a Tesla with Dogecoin. "At some point I think we should enable that," Musk said. Musk then repeated the DOGE catchphrase "Dogecoin to the moon," which raised a cheer from the crowd.

The SpaceX and Tesla CEO has been a frequent supporter of dogecoin on Twitter, but has also tweeted about other altcoins, like baby dogecoin and shiba inu. Though it's not clear whether Musk's support is serious, his tweets mentioning these altcoins have seemed to impact their price and value.

CEO Elon Musk has been a fan of DOGE for some time. He first began discussing the project in 2019, when he posted on social media "Dogecoin might be my fav cryptocurrency. It's pretty cool."

Dogecoin: If you invest $100 in Dogecoin, how much profit can you make? If Dogecoin's price stays around $0.088, a $100 investment would buy you roughly 1,136 DOGE. This means you wouldn't see any profit or loss (excluding potential trading fees). Dogecoin's all-time high (ATH) was $0.7377 on May 8th, 2021.

According to the price prediction, DOGE could hit the $10 mark only in October 2044. That's another 20 years from today and is considered a long-term investment. For Dogecoin to reach $10, it needs to rise by 8,300% from its current price of $0.12.

Whether you're interested in crypto or not, you've probably heard of Dogecoin. This meme-based cryptocurrency — Elon Musk's favorite — is making headlines again.

Among cryptocurrency's many proponents, none stands out more than Elon Musk, the maverick CEO of SpaceX and Tesla. Musk's fascination with the world of crypto has been on full display in recent years, and he's not shy about throwing his considerable influence behind his preferred digital coin: Dogecoin.

As one of the first cryptocurrencies, Dogecoin has become extremely valuable. There isn't much hope for this cryptocurrency to boost its utility over time. It might be tempting to speculate on Dogecoin, but investors should avoid this type of behavior.

Baby Doge is a highly speculative investment. While it may increase in value, there's also a chance that it could become worthless or near-worthless. Before entering a trade, understand the risks involved.

What is Elon Musk's favorite cryptocurrency? ›

Musk's love for dogecoin does not come as a surprise for anyone who follows his Twitter feed, which punctuates news of rocket launches and electric car updates with memes and offbeat references to online culture.

While he personally believes in crypto and owns some himself, he also calls it a “Hail Mary.” In a January ask-and-answer session on X, Cuban said that his crypto portfolio includes Bitcoin, Ethereum, Polygon and Injective, and that his NBA team the Dallas Mavericks still accepts Dogecoin as payment.

He noted that when Musk was asked why he loves DOGE so much, he pointed to reasons around the humor in the irony of it. “Elon is uniquely positioned to integrate Doge into multiple different facets of society as a payment method,” he added.

"I still own a bunch of dogecoin, and SpaceX owns a bunch of bitcoin," Musk said during an X Spaces broadcast, referring to his rocket company. Musk's electric car company Tesla also holds just over 10,000 bitcoin worth almost $500 million.

Dogecoin's price has been boosted by rumours that Elon Musk plans to integrate the cryptocurrency as a method of payment for X, formerly Twitter.

If you had made a $1,000 investment in Dogecoin five years ago, you would have ended up with nearly 400,000 Dogecoins. At the time of Musk's first tweet mentioning the cryptocurrency, a single Dogecoin was trading at $0.002552.

DOGE's original price in December 2013 went from $0 to $0.0004 in the first days of trading. In the first two weeks, the coin saw a massive upward spike, jumping 300% after China prohibited banks from dealing with cryptocurrency.

One theory suggests that Musk is a mystery Dogecoin (DOGE) whale with over 36 billion tokens. This wallet owns around 28.27% of the total DOGE in circulation. Others dispute this claim and say that Musk is against cryptocurrencies concentrated in the hands of a few.

In the past, Musk has faced a lawsuit about his promotion of Dogecoin on Twitter, with investors categorizing his social media content "transparent cryptocurrency market manipulation.” Legal teams for Musk, however, have denied the billionaire's participation in pump-and-dump schemes for Dogecoin.