The past few weeks have not been good for the people like Elon Musk that have major investments in crypto. The prices started falling ‘like crazy’ since the announcement of the recession and inflation. People that have invested in crypto start feeling insecure about their investments and start to sell them on a great scale. This could only bring one thing, and that is a sure fall in the value of all cryptocurrencies.
Elon Musk is a person that is always in line with the latest happenings and the most profitable investments. Investing in crypto is not something that is new to him. He is a self-proclaimed Dogefather, referring to the Dogecoin cryptocurrency. When nobody believes in it, he buys and promotes it like no other.
Elon Musk, The Dogefather Says He Still Buys Dogecoin After Fall – Creates a Giant Rebound On Crypto Market
As a true believer and supporter of crypto, Elon Musk follows the market all the time and he usually expresses his thoughts on the matter through Twitter, the ‘Town Hall for expressing yourself’. Being the richest person in the world and in addition a controversial and very popular person as well, Musk has a say when it comes to cryptocurrencies. Lately, he gave his support to the crypto industry by stating that despite the fall in price, he will not stop buying crypto and will not stop investing in one particular currency, the Dogecoin.
On June 19th, Elon shares a tweet – “I will keep supporting Dogecoin.”
This tweet alone moved the complete market and created a better environment for cryptocurrencies, especially for Dogecoin. However, when a fan suggested that in order to support it, he needs to keep buying it and Elon replied to that, the value of the Dogecoin definitely went up by a considerable amount.
“Keep buying it then.” – the follower states.
“I am.” – Elon replies.
This tweet starts the rebound that still is on the go at the moment. The prices immediately are more stable and go upwards. It is almost like the world needed Elon’s comment to bring the confidence in crypto back to the people.
The price of Dogecoin alone went up by 8% after the tweet. A fan is quick to do the math and calculate how much this change on a global scale is. And as it happens, the value of Dogecoin on a global scale increases by an incredible $350 million.
Imagine having the power to generate such a rebound in value just by sharing one single tweet. No wonder when he has such influence, he is the richest person in the world.
When Dogecoin rebounds, the other cryptocurrencies follow. Bitcoin is up by almost 5%, and Ether is up by 9%. Bitcoin and Ether together are 55% of the value in the crypto market.
Having this in mind, with this 1 tweet, the crypto market is able to make an increase in value of about $970 billion.
https://www.youtube.com/watch?v=jIDtqu4w8vY
