Recently, Elon Musk has said that he's soon going to use Dogecoin as a means of transaction for his merchandise.
Finally, a piece of great news for the crypto traders. If Elon Musk did what he had said, the price of Dogecoin will see a sudden rise because of the lower supply caused by higher demand. Elon Musk has changed many lives just by tweeting on Bitcoin, Ethereum, etc.
Just like in the case of Bitcoin when the price soared by more than 20% by the tweet of Elon Musk, we can expect a similar price rise in the case of Dogecoin too.
It didn't help just the people who were actively involved in Bitcoin trading, but even Tesla made a huge profit of $101 million from the Bitcoin sale. Tesla bought $1.5 billion in Bitcoin trading.
Why Elon Musk would trade Dogecoin for his merchandise?
Maybe he wanted to improve his sales, maybe for the sake of our profit, he wanted to see a growth in Dogecoin for his profit too. Elon Musk didn't clear about it.
Did Elon Musk ever tweet on Dogecoin?
The answer is yes, he tweeted on the 28th of January 2020 that led to a giant rise in the price of Dogecoin.
The price went straight from 0.015 USD to more than 0.025 and the number of trades went from less than 5,000 to about 20,000.
Elon Musk even tweeted on Dogecoin for the second time in December of the same year.
The price saw a really sharp increase from 0.0040 USD to 0.0047 USD. The average trade per minute was more or less 300k USD and about 800 trades.
How did Elon musk cause a sudden impact on Bitcoin?
By his one-line tweet, he moved the price of Bitcoin from 32k USD straight to 37k USD. The number of trades went from about 5,000 to more than 20,000.