Elon Musk, the billionaire entrepreneur and CEO of SpaceX and Tesla, is known to be a big supporter of Dogecoin (DOGE), a meme coin and Litecoin fork created as a joke and parody of Bitcoin. But how far can jokes go?
Doge Social Media Presence
On April 2, 2021, Musk tweeted that he was the “DogeFather” and posted a picture of a dog on the moon, which sent the price of DOGE soaring. Now, two years later, after acquiring the social media platform Twitter, the sole owner changed the Twitter bird logo to the notorious DOGE – a picture of a Shiba Inu dog.
This move was seen as a nod to Musk’s support of DOGE and perhaps a day-too-late April Fools’ joke. As a result, the price of DOGE surged by around 30% in a matter of hours, leaving all non-DOGE holders on the sidelines. When we look on-chain we see that the 5th biggest holder has transferred 650M DOGE ($61.3M) out after the sudden price pump.