Elon Musk’s first stimulus package for Dogecoin holders is now available. As the cryptocurrency market as a whole struggled to regain its footing, an Elon Musk tweet caused Dogecoin to surge. McDonald’s is the topic this time. The community manager of a fast-food business has been luring cryptocurrency users by offering them jobs now that the market is down. And Musk brought the conflict right to their door.
I will eat a happy meal on tv if @McDonalds accepts Dogecoin
— Elon Musk (@elonmusk) January 25, 2022
“I will have a happy meal on TV if Mcdonald’s accepts Dogecoin,” says the challenger. So far, no response has been received from the establishment. However, the market did. Dogecoin’s price has risen from $0.1333 to $0.1449. And the day isn’t finished yet. Will the coin continue to rise in value? Is a crash unavoidable? We’ll have to wait and see what happens.
Previous Elon Musk Pumps Examples
The Tesla millionaire has been experimenting with the Dogecoin community for some time. His involvement with the meme coin has grown to the point where media question him about it in every interview. And, of course, Bitcoinist has documented every Elon Musk pump.
For example, the market reacted when the billionaire tweeted that Bitcoin and Ethereum were excessively slow in comparison to DOGE.
“The tweet was meant with much optimism from the Doge community. The coin which has been taking massive hits since the crypto bloodbath began saw a significant boost in the price of the coin.
Doge which had fallen below the $0.20 threshold saw a bounce back in the hours following Musk’s tweet. The rebound pushed the coin price back up over the $0.20 price point. And now the coin is trading a little above $0.22 at the time of this writing.”
It’s worth noting that the market was also in the midst of a “crypto carnage” at the time Elon Musk tweeted that. On another occasion, when the billionaire tweeted that he was thinking about establishing The Texas Institute of Technology & Science, a university that would accept Dogecoin tuition, the market reacted:
“Dogecoin saw $3 billion added to its market cap following the tweet, setting it up on a path to try to reclaim its spot from top rival Shiba Inu. However, the new sweetheart of the dog-themed tokens community maintained its hold above Dogecoin. DOGE’s rally towards $0.3 brought its market cap close to that of SHIB which had suffered through the weekend.”
The Billionaire Has Failed As Well
Not every one of Elon Musk’s antics culminated in a pump. When he made no effort and simply tweeted “Release the Doge,” the market remained stagnant, prompting Bitcoinist to remark, “Has Musk lost his edge over Dogecoin?”
“Investors began calling for the billionaire to resume tweeting about Dogecoin. Which had by this point lost over 60% of its all-time high value. But Musk seemed committed to not tweeting about Dogecoin.
The price which had risen significantly to as high as $0.80 went back down below $0.20. Before making a small correction and receiving back up above $0.20. Where it currently sits trading in the $0.20 range.”
Then, of course, there’s Elon Musk’s infamous SNL appearance. DOGE suffered when the billionaire hosted Saturday Night Live and failed to elicit even a single laugh.
“To the disappointment of many, however, Musk’s cameo ended with the cryptocurrency tumbling nearly 30% in less than an hour. Its prices plummeted from $0.69 to a new low of $0.49, before paring losses by recovering to as high as $0.55. At press time, Dogecoin is trading at $0.53.”
Of course, the huge contrast in prices must be noted. As previously said, DOGE is currently selling at $0.1449, and people are ecstatic. It is a long way from the heights of its glory days. Will the fast-food eatery come to the rescue and boost the value of Dogecoin even further? Keep an eye on Bitcoinist to learn out.
