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Dogecoin’s Uncertainty: Elon Musk Urges Prudent Investment Strategies

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Repeatedly, Elon Musk, the CEO of Twitter and Tesla, has demonstrated his fondness for Dogecoin (DOGE), a cryptocurrency that originated as a meme. Musk’s endorsements have enhanced the reputation of this original meme coin. However, is Musk’s opinion of DOGE as a profitable and secure investment unchanged? During a recent interview with the Wall Street Journal, Musk addressed the crypto industry and shared his thoughts on Dogecoin, stating, “I am not offering advice to purchase cryptocurrencies or to risk a significant amount on Dogecoin.”

It is worth highlighting that this is not the initial instance of Musk making such a statement. Back in the challenging bear market of 2022, he reiterated that he had never encouraged individuals to invest in cryptocurrencies. Additionally, he emphasized that,

“In the case of Tesla, SpaceX, and myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets.”

The aforementioned comment was given in relation to the $258 billion lawsuit filed against Musk, alleging that he artificially inflated the value of Dogecoin. In more recent developments, Musk has requested a U.S. judge to dismiss the lawsuit. Over the past few months, Musk has been actively involved with the Dogecoin community; however, it is important to highlight that despite his interactions, no noteworthy collaborations or partnerships involving Dogecoin have been realized to date.

Dogecoin and Elon Musk: A Look into Their Current Relationship

Approximately a year ago, Musk elucidated the rationale behind his endorsement of Dogecoin, emphasizing that numerous individuals who are not financially privileged have expressed their support for him to invest in and endorse the cryptocurrency. Consequently, he clarified that his actions were simply a response to the sentiment conveyed by these individuals.

During his recent interview, he reiterated his fondness for the meme coin and confirmed that Dogecoin still holds the position of his favorite. He highlighted that the meme coin possesses “the best humor and it has dogs.”

Notwithstanding Musk’s recent statements, the value of DOGE has been declining. Over the past 24 hours, the meme coin has experienced a decrease of 2.84%. As of the latest update, it was being traded at a price of $0.07146. Furthermore, considering the current price of DOGE, approximately 50% of its holders were making profits, while 46.66% of the coin holders were facing losses.

PEPE Traders Move To Elon Musk-Inspired Memecoin: Latest Crypto Craze

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PEPE traders have reportedly started to divert their attention towards a new meme coin that is speculated to be associated with the CEO of Twitter, Elon Musk. As per a tweet from blockchain analytics website Lookonchain today, this unexpected focus transition has been confirmed. The meme coin that is now catching PEPE traders’ interest is Milady Meme Coin (LADYS).

PEPE Investors Swap Positions For Trending Memecoin Ladys

Lookonchain’s tweet revealed that certain addresses had traded their $PEPE positions for $LADYS. Some investors have invested substantial money in purchasing the popular meme coin. One address bought $101,000 worth of 292 billion PEPE with 54 Ethereum (ETH). Later, they sold their PEPE holdings for ETH 288, worth $532,000, resulting in a profit.

Elon Musk’s “Lady” Tweet Sparks $1.18m Investment In Memecoin Lady

After LADY was introduced, the identical address bought an enormous amount of 7.5 trillion tokens, valued at roughly $1.18 million based on the current price. The token’s market value is $0.0000001461, which has experienced a surge of over 10,000% in the previous 24 hours.

A slight association between Musk and the meme coin exists, particularly due to his sharing of a cartoon image of a lady-like character on Wednesday with the phrase, “There is no meme. I love you.” Concurrently, Lookonchain confirmed that an account was established one hour before the Tesla CEO posted the image.

An address withdrew 25 ETH from Binance and purchased 8 trillion LADY at $0.000000005652, and surprisingly, did not make any further purchases after that. Since the meme coin became popular, many other investors have invested their money in the project. Over the past 24 hours, the token has seen more than $138 million in trading volume and has a market cap of over $125 million.

Despite the remarkable surge of meme coins, certain crypto supporters remain doubtful about the consequences of the trend. A few days ago, Chris Blec, a crypto enthusiast, expressed his concerns regarding the potential negative effects of such meme coins, citing PEPE as an example, in a tweet.

At the time of writing PEPE is trading at $0.000002, and there has been a trading volume of $506,010,549 over the past 24 hours. PEPE’s value has decreased by 16.18% during this time. Pepe is ranked #66 on CoinMarketCap, with a market capitalization of $632,642,325.

Related Reading: | Cardano’s ADA Releases Node 8.0.0 Update, Bringing Major Improvements To The Network |

BTCUSDT 2023 05 11 17 00 40
Source: Tradingview.com

XRP: Elon Musk’s Tweet Triggers Spate Of Jokes And Memes

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XRP community is amused, thanks to the cryptic tweet posted by tech mogul and Twitter CEO Elon Musk that consists of a single letter, X.

Although Musk has never mentioned XRP in the tweets nor confirmed exactly what he was referring to, this did not deter XRP fans to jump into the meme fest in the hopes of grabbing his attention.

Chiming in first was the popular XRP advocate @MackAttackXRP who responded to Musk’s tweets with the ticker symbol of the token.

Several others jokingly tweeted other letters of the English alphabet in response, while a few speculated that it could also mean the name of Musk’s child. The SpaceX CEO is renowned for naming his children with eccentric names such as X AE A-XII or Y.

However, some of his followers tweeted that the crypto multi-billionaire might have referred to his other venture called X Corp based in San Francisco – the same city where Twitter’s headquarter is.

The firm was recently cited in court documents, and reports claim it could take over Twitter.

In spite of this, Musk continues to be devoted only to the meme cryptocurrency Dogecoin, which he considers to be the currency of the people and more suitable for payments than Bitcoin. Musk previously offered his support to Ripple in its continuing legal struggle with the SEC.

At present, the Tesla chief holds BTC and ETH, besides DOGE.

Meanwhile, outspoken YouTuber and cryptocurrency enthusiast Ben Armstrong, commonly known by the handle BitBoy, came to Twitter recently to express his views on the possibilities of XRP overtaking its competitors.

XRP could be the top Altcoin

According to BitBoy’s tweet, XRP will probably end up being the best-performing alternative coin of the upcoming bull run as long as the token receives a favorable settlement and there is no further appeal,

Additionally, he asserted that restrictions on the sixth-ranked coin are no longer possible because the regulatory challenges that the cryptocurrency encountered may be coming to an end.

In my opinion, as long as XRP gets at least a favorable settlement and no appeal, this will be the number one performing major coin of the next bull run. The suppression is almost over.

This tweet generated a lot of discussion and interest from the cryptocurrency community.

Shiba Inu Fan Addresses Elon Musk-Shytoshi Kusama Rumors

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A Shiba Inu-focused account has refuted rumors of project lead Shytoshi Kusama being Elon Musk. Calling them “fake,” and “he is not Elon,” he expressed regret that nobody else has been clarifying this issue.

The rumors first surfaced when the Tesla CEO posted a cryptic symbol on Twitter on Feb 8, confusing his over 128 million followers.

Despite the fact that the tweet had only the letter “.” [dot] and had no other information, it caused quite a stir among the members, especially after it was discovered that Shiba Inu’s main developer Kusama also tweeted the same symbol on Twitter in December 2022.

While this may look like a mere coincidence, soon theories emerged that the two persons might be connected in some way or the other.

One such speculation doing the rounds is Musk being the pseudonymous Shytoshi Kusama.

To avoid stoking more rumors, it should be noted that the claims are unlikely to be true given the lack of information concerning Kusama’s real identity.

One of the top Shiba Inu developers and a co-founder of SHIB utilize the fictional name Shytoshi Kusama to hide their identities. This is comparable to the case of the creators of Bitcoin, who employed the pseudonym Satoshi Nakamoto to conceal their true identities.

These speculations, even though existed on Crypto Twitter for a long time, have gathered more steam after the recent confirmation of the launch of Shibarium beta.

Apart from this, the Twitter user SHIBARMY CANADA [Dezaxe] also began to clarify claims related to the PAW project.

Shiba Inu: Paw Is Not A Part Of Shibarium

According to him, it is not a part of Shibarium and has never claimed to be, but it wants to support the Layer 2 solution and build on Shibarium.

That said, the SHIB army is elated over the actions of not one but two high-profile wallet providers ahead of the beta launch of Shibarium, the layer 2 network of Shiba Inu.

As reported by TronWeekly, MetaMask has recently integrated a new feature with gaming giant Unity to boost the web3 gaming sector. Even Kusama himself has retweeted the post.

And another one is Exodus, one of the oldest non-custodial crypto wallets announcing via Twitter that it has “logged” Shiba Inu’s upcoming layer 2 networks with its asset team.

Here’s how Ripple CTO Congratulated Elon Musk Over His Victory

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The chief technology officer of the massive Ripple Labs, who has recently been highly active on Twitter, not just on cryptocurrency subjects, issued a tweet that appears to be a congratulations to Elon Musk. The jury in the case brought by the SEC against Musk in 2018 as a result of his “420” Tesla tweet found the tech tycoon not guilty. However, the Ripple CTO’s tweet focuses on XRP rather than Tesla. Schwartz cautions that this tweet is a prank just in case.

Elon Musk received a significant victory after a jury dismissed investor charges that he broke the law when he tweeted in 2018 about possibly taking Tesla Inc. private.

After about two hours of discussion, the nine-person jury reached a decision on Friday afternoon, concluding that the investors who had filed the class-action lawsuit had failed to establish their claims against Mr. Musk or the electric vehicle firm he leads.

Mr. Musk, who had earlier attended court to hear the parties’ closing arguments, was not there when the decision was announced. Later, he tweeted his gratitude for the jury’s unanimous verdict and said,

“Thank goodness, the wisdom of the people has prevailed!”

The issue is related to the Tesla CEO’s tweets from more than four years ago that suggested selling the business.

Before this case got to trial, U.S. District Judge Edward Chen had previously determined that certain of Mr. Musk’s claims about possibly taking the business private were untrue and that the CEO had acted recklessly in making them.

Among other things, jurors were required to evaluate whether Mr. Musk’s tweets were relevant to investors and whether the misrepresentations resulted in damages for investors.

The jury’s foreperson, Robin Cadogan, declared that he wasn’t persuaded by the claims that the tweets were relevant. After the verdict was read, it was reported that Cadogan told the attorneys,

“The overall message, it just didn’t land. There was nothing there to give me an ‘aha’ moment.”

Significant Victory To Ripple’s Ally Over SEC

Ripple’s David Schwartz tweeted his own satirical congratulations to Musk “At $420, I’m buying XRP private. funding arranged.”

It’s important to note that the American securities regulator has started to focus on both Elon Musk and Ripple. In December 2020, the government filed a lawsuit against the San Francisco-based fintech company, charging that it and its co-founder and CEO made billions of dollars selling unregistered securities like XRP to institutional investors.

Now that Elon Musk has been found not guilty in the SEC case, the cryptocurrency community anticipates that Ripple will triumph in court against the securities regulator this year as well.

Dogecoin: Elon Musk’s McDonald’s Offer On DOGE is Still 100% On

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Elon Musk, a proponent of Dogecoin, responded to a user’s question by tweeting that his earlier promise to eat at McDonald’s is still valid.

It needs to mention that on Jan 2022, Tesla CEO posted a challenge for the fast food giant, saying he would eat a Happy Meal live on TV if McDonald’s accepted Dogecoin as a means of payment.

The leading restaurant chain did not yield to any requests in accepting the token.

To add more salt to the injury, McDonald even trolled the tech billionaire on past occasions, asking him to accept Grimacecoin, a made-up cryptocurrency, in exchange for enabling payments in meme cryptocurrency Dogecoin.

The fake token created after McDonald’s joke tweet also surged as much as 285,641% in a few hours as opportunistic actors jumped at the chance to cash in on the hype.

However, recently, the fast food chain threw a surprise tweet quoting, “What did I miss?” to which Binance’s Twitter account responded, “A lot of green candles.”

The Tesla CEO too chimed in by tweeting “Oh, hi, lol,” in the replies section.

This prompted “DogeDesigner” of UX/UI and graphic designer at Doge to inquire as to the status of Musk’s initial offer to McDonald’s regarding the acceptance of the meme token.

And true to his words, the multibillionaire replied with a “100” emoji.

Dogecoin Rallied By Over 35% In less than 20 Days

Musk’s tweet has been liked over 3000 times and has generated views close to 120k raising expectations that the fast food chain would eventually reassess its stance on the token.

The popular meme token recently hogged the limelight after a report published by Forex Suggest showed that DOGE’s carbon emissions have been reduced by 25%. With 1,423 tons of emissions released in 2021, the asset produced 1,063 tons in 2022.

The survey also credited Musk for being instrumental in refusing to accept Bitcoin as payment, due to its high emissions.

Owing to proactive efforts by the billionaire entrepreneur and the members of the Dogecoin ecosystem, Dogecoin saw a 25% decrease in its annual CO2 emissions.

Moreover, with regard to its price, DOGE kickstarted the new year with a surge of over 35% to date. At the time of writing this post, the 9th largest asset by market cap is trading at $0.08.

Dogecoin Co-founder And Elon Musk Take A Dig At SBF’s $700M Confiscation

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The friendship between the Dogecoin co-founder, Billy Markus, and the Tesla CEO, Elon Musk dates Back to a time that one can’t remember. Time and again they have showcased their bond on social media. However, this time it was no different.

Sam Bankman-Fried (widely known in the crypto space as SBF), the founder of the troubled FTX exchange, was reportedly the target of prosecutors from the DOJ, according to a recent TWJ report. The article cites a court filing from last Friday.

The Dogecoin co-founder tweeted the report along with a humorous comment in which he referenced SBF when the FTX founder claimed in court that he had just $100,000 left over from his billions. The money taken from SBF that was previously disclosed was primarily in the form of Robinhood shares.

Elon Musk, the CEO of Tesla and Twitter, responded to that with two ROFL emojis. When FTX and its founder SBF were accused of scamming investors and the exchange went bankrupt, both Musk and Markus were harshly critical of both parties.

SBF was accused of using substantial amounts of USD from FTX members to save his crypto trading company Alameda Research, however, he pleaded innocent to the accusations. In the fall of this year, he will stand trial for this.

The US Department of Justice (DOJ) announced the confiscation of Bankman-Fried’s assets earlier this year. The majority of them were held in the form of Robinhood shares (HOOD), but there were also monies in several banks and crypto deposits on the Binance cryptocurrency exchange.

Federal prosecutors from the DOJ, in particular, last week seized around $100 million from SBF’s accounts, which he kept in Silvergate Bank connected to FTX Digital Markets, an FTX company with headquarters in the Bahamas.

Dogecoin Fan, Musk Refused SBF’s $5B Offer

Sam Bankman-Fried contacted Elon Musk earlier last year to offer him a $5 billion investment to help him acquire the social media company, long before FTX’s problems became apparent to everyone in the market. He also assisted with the transition of Twitter to blockchain rails.

The Dogecoin (DOGE) supporter, Musk, rejected his offer with the money, explaining to him that putting Twitter on a blockchain was not possible. Musk purchased Twitter outright for a total of $44 billion; the agreement was signed in late October of last year.

At the time of writing, Dogecoin was priced at $0.08651 with a hike of 6.73% over the last 24 hours, as per Coin Market Cap (CMC).

Dogecoin: DOGE Loses CO2 Emissions By 25% Due To Elon Musk’s Efforts

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Dogecoin’s carbon emissions have been reduced by 25%, as per a report published by Forex Suggest. With 1,423 tons of emissions released in 2021, Dogecoin produced 1,063 tons in 2022.

The survey credited Musk for being instrumental in refusing to accept Bitcoin as payment, due to its high emissions.

Even though Dogecoin “was founded as a foolish joke,” Musk thought at the time that it was more suited for transactions.

Owing to proactive efforts from the billionaire entrepreneur and the members of the Dogecoin ecosystem, Dogecoin saw a 25% decrease in its annual CO2 emissions.

On the other hand, the world’s dominant crypto Bitcoin utilizes 1183.58 kWh per transaction, which equates to 1775 lbs of CO2. the report highlighted.

As climate change is gaining more prominence and widely acknowledged issue, the energy usage of cryptocurrencies’ has drawn much attention.

“Some cryptocurrencies are making a conscious effort to reduce the amount of energy required for transactions to take place on their blockchain”, the report claimed.

The research cited the example of Ethereum [ETH] which has recently transitioned from its PoW method of validating transactions to a PoS model.

This, according to the survey, has made it viable to reduce its energy consumption per transaction from 62.56 kWh to 0.03 kWh.

When Ethereum switched to a proof-of-stake consensus algorithm in 2022, its CO2 emissions dropped significantly, but Dogecoin’s annual emissions were still 8.3 times higher.

Nevertheless, Doge is positioned to be a useful financial tool in 2023 thanks to its large community support and ability to reduce its carbon footprint to zero.

Dogecoin Jumps By 36% In Less Than A Month

Moreover, with regard to its price, DOGE kickstarted the new year with a surge of over 35% to date. At the time of writing this post, the 9th largest asset by market cap is trading at $0.08.

As reported by TronWeekly, Following Twitter CEO and DOGE supporter Elon Musk sent Christmas wishes with a photo of his Shiba Inu and other pet canines, the token swiftly became a favorite among whales.

Data from WhaleStats showed that DOGE was the most traded token among the top 100 Binance Coin [BNB] holders by flipping the new investors’ favorite, Filecoin’s token, FIL.

Musk’s mention of DOGE had little impact on the token’s price, but trading activity on the holiday day was higher than it had been the weekdays before.

Dogecoin (DOGE) Tumbles Following Elon Musk’s Twitter Poll About Stepping Down As Twitter CEO

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Elon Musk has been met with heavy criticism from the start of his tenure as CEO of one of the world’s most popular social media platforms. It also had an impact on Elon Musk’s preferred cryptocurrency, dogecoin, which saw a significant decline over the past several days. 

On Sunday, Elon Musk tweeted a poll asking whether or not he should step down as CEO of Twitter; almost 57.5% of the 16.3 million votes polled were in favor of his resignation. Although Musk stated he would follow the poll’s findings, it is uncertain whether or not he will really do so.

Concerns are being raised regarding the billionaire’s other companies due to the management at Twitter. His choices are often questioned, whether from mass layoffs or recent policy changes.

On December 18th, Twitter said that it would remove accounts created solely to promote other social media sites and material that contains links or usernames. However, the post is currently not available.

According to a post, the change will affect material from social networking sites like Facebook and Instagram from Meta Platforms as well as Mastodon, Truth Social, Tribel, Nostr, and Post while permitting cross-content publishing.

Since Elon Musk became CEO, Twitter has taken other chaotic actions, like see-sawing over how much to charge for its subscription service Twitter Blue. The policy change is the latest in this line of behavior. 

Nevertheless, after receiving criticism, Musk apologized for the sudden policy change earlier on Sunday and said major policy changes would be put to the vote going ahead.

Dogecoin (DOGE) Price Analysis

Unsurprisingly, DOGE fell after the controversial billionaire tweeted because the meme coin continues to be highly delicate to Musk’s tweets and remarks.

The data from CoinMarketcap shows that currently, DOGE is trading at $0.07753. The daily chart displays a loss of about 2% as well as 12.62% in the last seven days. The token’s market cap is down by 2% in the previous 24 hours, while its trading volume is up by 4% in the same time period.

DOGEUSDT 2022 12 19 05 15 58
Source: Coinmarketcap

Dogecoin has dropped significantly in recent days since hitting the daily high of $0.111 resistance on December 05th, approximately after one month. However, Dogecoin fell almost 90% from its All-Time High of $0.7376 on May 08th, 2021, nearly two years ago.

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Elon Musk’s New Move to Prosecute Scammers Pushes Crypto Spam Bots to Go into Hiding

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The crypto community is reporting a sharp decline in the number of bots responding to their posts following Elon Musk’s most recent attack on crypto spam bots on Twitter.

The CEO of Twitter hinted that “bots are in for a surprise tomorrow” in a post on December 11. Later, the CEO added that the platform will be blocking the IP addresses of “known bad actors” after identifying a small group of individuals responsible for a large number of bot/troll accounts.

Elon Musk guarantees to shut down the scammers

He continued by saying that even though con artists might use other strategies to get around the IP address block, Twitter will “shut them down as soon as they show up.”

Dogecoin co-creator Billy Markus’ pseudonym Shibetoshi Nakamoto wrote to Musk on December 11: “I made a test post and instead of seeing 50 bot replies I only saw one much progress, very hype.”

Other users went to test Elon Musk’s most recent adjustments. An investor and bitcoin analyst named PlanB published a chart to track the number of automated responses. As of the time of writing, no comments from bots had appeared.

While Twitter “seems to be marginally better to use lately,” Ethereum co-founder Vitalik Buterin added, he couldn’t tell if there had been a decrease in bots because of Musk. Some claim that the bot responses still appear on posts, but the platform quickly deletes them.

After taking over as CEO of Twitter in October, Musk saw the elimination of Twitter spam and scam bots as one of his top priorities.

Musk also made a passing mention in his most recent post that the company plans to sue Twitter scammers in the future, but he provided no further information.

MicroStrategy founder Micahel Saylor responded to Musk, questioning what percentage of toxic behavior on Twitter is driven by bots rather than healthy people. Elon Musk responded:

That’s my guess: small number of humans with large bot/troll armies. We are shutting down IP addresses of known bad actors today. Should have been done long ago.