What is Elon Musk’s Cryptocurrency? – ₿magazine

In January 2021, Elon Musk tweeted about DOGE, causing the coin’s value to skyrocket by about 300% over the next four hours. 30 minutes after another Dogecoin tweet in December 2020, the average trading volume per minute increased from about $2,000 per minute to almost $300,000 per minute.

You would think that someone with such influence in the cryptocurrency market would be a major holder of cryptocurrencies, but this is not the case with Elon Musk. In a February 2018 tweet, Elon Musk admitted that he has no cryptocurrency other than 0.25 BTC that a friend sent him years ago.

However, it can be said that Elon Musk owns cryptocurrencies through his company Tesla, which bought $1.5 billion worth of bitcoins in 2021. This decision was made when Tesla wanted to start accepting BTC as a means of payment for its electric vehicles, but canceled it. his solution later for environmental reasons.

Nevertheless, this is exactly how Elon Musk knows how manipulate cryptocurrency market with the help of his companies. However, what people most want to invest in is cryptocurrencies, and Elon Musk has become a playmaker, especially for memcoins like Dogecoin, which he has backed multiple times.

4/ Initially, DogeCoin was mainly used for online tips to reward quality content creators. But in 2021, DogeCoin came into the spotlight after a series of tweets by Elon Musk. pic.twitter.com/z8dmbaBmba

— FrenchieBlock (@Frenchie_Block) March 5, 2023

Twitter, Musk and cryptocurrencies

The latest company to become a tool in his arsenal is Twitter, as he acquired the platform in late 2022. which also facilitates payments.

To achieve this goal, he asked the developers to build the platform’s payment system in such a way that cryptocurrency-related features could be added in the future.

Some rumors suggest that Twitter is working on a prototype crypto wallet, but there is no mention of Twitter’s native token.

Dogecoin or Twitter Coin – Elon Musk abandons DOGE?