Advertiser Disclosure

Have Musk’s Crypto Tweets Become Obsolete for Investors?

July 19, 2021

4 min Read

Written by Yaël Bizouati-Kennedy

Edited by Cory Dudak

SpaceX Capsule Test, Cape Canaveral, USA - 19 Jan 2020

John Raoux / AP / iStock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Another day, another crypto, another shoutout. Tesla CEO Elon Musk took a moment to hype up a new crytpo — saying “Daddy Doge”– after leaving the court where he testified in a shareholder lawsuit over the company’s $2.6 billion acquisition of solar energy company SolarCity in 2016. While Musk’s endorsements often make their respective crypto’s prices jump briefly, it’s unclear whether investors are still putting a lot of stock in them and whether it affects them in the long term. You can check out his endorsement below:

Elon leaving court after hours of testimony pic.twitter.com/FMUmCRrkPP

— Tina Davis (@tina_davis) July 13, 2021

Interesting: Ethereum Co-Founder Quits Crypto Over Security ConcernsMore: Dogecoin Co-Founder Says He’s Done with Cryptos, They Don’t ‘Align With His Belief System’

Daddy Doge is yet another Dogecoin-based cryptocurrency, which saw its price jump 680% from $0.00000007 to $0.000000055 per coin after Musk’s tweet, according to Cryptoglobe. It was launched in early July.

“11 days old. Live on BTOK. 31000 Holders. 26000 Telegram presence. Trending on CMC since listing. Trending all over Twitter. Tracked on Coinbase .#DaddyDoge Oh…. and a couple of videos from this guy,” DaddyDoge tweeted referring to Musk.

11 days old

Live on BTOK 31000 Holders 26000 Telegram presence Trending on CMC since listing Trending all over Twitter Tracked on Coinbase #DaddyDoge

Oh…. and a couple of videos from this guy pic.twitter.com/gI90sR8jBf

— DaddyDOGE (@DaddyDOGEtoken) July 18, 2021

Musk has been a fervent supporter of the original DOGE, promoting it via tweets and on his “Saturday Night Live” appearance in May. And today, he changed his bitcoin “laser eyes” profile picture on Twitter to one where he’s wearing sunglasses with the doge meme appearing in the reflection.

See: Elon Musk and 22 More CEOs Who Changed How We LiveFind: Dogecoin’s Highs and Lows: Is It Still Worth an Investment?

While this briefly helped DOGE jump by 10%, as of Monday morning, “Dogecoin is the altcoin nursing the biggest 24-hour losses among the top 10 by market cap — down 4.45%. Zooming out to a weekly timeframe, and it’s lost 17.21% of its value,” according to CoinMarketCap. CoinMarketCap adds that this indicates that “DOGE is continuing to come back down to Earth after an astounding surge earlier this year — movement that some crypto commentators have described as proof of a frothy market that’s brimming with excess.”

Bryan Slusarchuk, CEO of gold mine Fosterville South Exploration, tells GOBankingRates that gold has withstood the test of time for thousands of years and that it’s hard to believe that a competitor currency which can be so widely influenced by a tweet or two will serve the same role as gold.

“Gold is money and money is gold and it’s the only well-established currency that can’t be printed. No one person can move the price of gold with a tweet or a comment, and gold inherently becomes more valuable every day,” Slusarchuk said.

Read: Elon Musk Supports Plan to Reduce Dogecoin Transaction FeesLearn: Just How Rich Are Elon Musk, Donald Trump and These Other Big Names?

Another doge-related crypto, Baby Doge — the self-proclaimed “son of Doge” — was launched June 1 on the Binance smart chain and has a simple mission according to its website: save dogs. It made its NASCAR debut July 10, as the coin’s branding was featured on driver Brandon Brown’s No. 68 Chevrolet Camaro. It has since crashed despite donations to animal charities.

More From GOBankingRates:

Last updated: July 19, 2021