The Musk Effect: Dogecoin records spike in price after Elon Musk’s tweet

It looks like Tesla CEO and SpaceX boss Elon Musk has a side-job – hustling for cryptocurrency prices on Twitter. As every time Musk mentions a particular cryptocurrency in his tweet, a surge always occurs in the prices of that cryptocurrency. Even people on the internet have given it the name of “The Musk Effect”. And this time, Musk has mentioned Dogecoin while replying to a tweet, which led to a spike in the price of the cryptocurrency.

As you can in the above, replying to a tweet Musk said “Sometimes, it is about dogecoin.” And just after 15 minutes of his tweet (i.e at 3 AM), a record spike was recorded in the price of Dogecoin, according to Coindesk.

The “Musk Effect” is becoming a common thing now, as this is not the first, second, or even third time that Musk’s tweet has led to increase in the price of something. Back in February, the Shiba Inu-themed cryptocurrency “DogeCoin” reached an all-time high price of $0.065448, up about 35 percent from its 24-hour low of $0.048356, after Musk’s tweet saying: “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”

And if that’s now enough Elon Musk had posted a Twitter poll in Feb, asking his followers to choose “the future currency of Earth.” In which his followers crowned the Dogecoin with more than 71.3% votes out of 2.4M votes.