Dogecoin 185% Higher Because Of Mass 2021 Twitter Hype

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Last Updated on 3 January 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Dogecoin was trading some 185% higher this weekend. The reason was plain to see in the US Twitter trends which showed that no less than 60,000 tweets had held the hashtag #Dogecoin in the past two days.

By now, Twitter has (allegedly) removed it from the trend counters as they realized what was happening.

Just like had happened in July of last year, an account on social media tried to get the coin to trade higher by having others buy into a pump and dump scheme. Many have answered the call and are trying to get the coin to $1.

In fact, the main target of the account was to get Tesla CEO Elon Musk to fire off his first tweet about Dogecoin in 2021.

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Dogecoinrich

The more this happens, the more ammunition is given to crypto opponents who claim that the world of cryptocurrencies is not to be taken seriously.

The account Dogecoinrich asked as many people as possible to send off tweets about Dogecoin and to include celebrities to get them to send the hashtag to their followers.

The social media attempt to pump Dogecoin comes less than a fortnight after this site asked whether Elon Musk tweeting about a cryptocurrency (after which the price shoots up 20%) could be considered market manipulation.

Musk, who has some 40 million followers on Twitter, had gotten engaged in a back and forth with Michael Saylor just before Christmas about Bitcoin and in the end jokingly replied with One Word: Doge.

The cryptocoin shot up 20% in response. That was not the first time he had done so as another episode where Elonā€™s twittering got Dogecoin to shoot up was recorded over the summer already.

Knowing that a simple answer from Musk could get Dogecoin to go up even further, many have now positioned themselves investing in the coin and waiting for the Tesla CEO to respond to their demand.