Bitcoin races 8% higher while Musk can’t stop Tweeting about Dogecoin

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Last Updated on 4 March 2024 by CryptoTips.eu

Bitcoin suddenly shot up from $22,000 last night to a level of $24,300 in just a few hours. Many analysts think a short squeeze was in play as Whale traders were knocking anyone hoping for a decline in Bitcoin out of the market. Meanwhile, Elon Musk, the boss of Tesla, SpaceX and Twitter, can’t stop talking about Dogecoin. Each time he does this, the value of the largest memecoin sees a small jump in value. Nothing like in 2020 when the value rose from 1 cent to 75 cents by April of 2021, but always enough to give some smart investors a few percentage points in profit. Since Musk has just ended a court case caused by one of his Tweets with which he moved the value of the Tesla share, gossip is now again claiming that the SEC (the American stock market watchdog) might investigate him for his Dogecoin tweets.

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Bitcoin short squeeze

Bitcoin shot up last night, adding several thousand dollars to its price in just hours. Analysts thought it was a short squeeze where bigger traders pushed the little ones who bet on a drop of the Bitcoin price out of the market. At the time of writing, Bitcoin is trading at $24,600, registering growth of 11% in the past day. Ethereum also moved higher and is priced at $1,690.

According to Whitney Setiawan, analyst at crypto platform Bitrue, Bitcoin’s 45% rise this year shows that this ‘could be a signal that we will have a bull run in the near future,’ but argued that it remained important to focus on the Federal Reserve.

Super Bowl

Elon Musk, the boss of Tesla, SpaceX and Twitter, can’t stop talking about Dogecoin this week. Each time he does this, the value of the largest memecoin sees a small jump. It all started on Sunday during the Super Bowl. Elon Musk sat next to Rupert Murdoch, the well-known billionaire and owner of both Fox News and the Wall Street Journal. The two watched the game between the Philadelphia Eagles and the Kansas City Chiefs in which the latter team eventually took home the trophy. One person posted the photo of the well-known due on Twitter and asked her followers what the two were talking about.

Musk himself saw the tweet, answered the request and said “Dogecoin,” after which the value of the most famous memecoin immediately went up by some 5%.

Knowing that Musk just finished a court case in which investors accused him of deliberately driving up the value of the Tesla stock, his critics immediately claimed that a different set of rules exist for billionaires. Musk may have won that Tesla lawsuit, of course there were people on social media who once again accused him of raising the value of Dogecoin for his own benefit.

Also in 2021 the SEC investigated Musk’s Tweets about Dogecoin. The boss of Tesla didn’t seem to care much though.

Yesterday he posted a picture of a Shiba Inu dog (the well-known dog behind Dogecoin) behind a desk and laughed that the animal was set to become Twitter’s new CEO. He then posted three more photos of the same dog.

After every new Tweet, the price of Dogecoin (and this time also that of Shiba Inu) went up a little bit each time