Doge and Musk
DOGE, however, seems to have won him over more than any other, as Musk kept promoting it through vague and not-so-vague tweets for years now. Earlier this year, he helped DOGE skyrocket so much that the project became the best performing crypto of the year.
Now, I’m not claiming that it was Musk’s influence alone that did it. But I give credit where credit is due, and Musk’s twitter promotions definitely contributed to making DOGE skyrocket by raising awareness and hype. However, this kind of behavior also brought a lot of criticism.
Doge is a Meme
Many believed that Musk is promoting a bad coin that has no future. Seeing people throw their money into the coin just because a popular billionaire influencer is supporting it only further fueled the community’s rage. Then, May 2021 came, and crypto prices got cut in half, starting with Bitcoin. DOGE, of course, followed as well.
Meanwhile, on Twitter, many started reporting losses, finally realizing the mistake of investing in crypto they knew nothing about. The biggest issue that some have had over the past month is that Musk laughed at seeing some of these reports.
He commented on one user’s tweet by reacting with two ‘Face with Tears of Joy’ emojis, indicating that Tesla CEO is having fun watching people getting into DOGE based on his tweets.
Do Your Own Research
Now, I doubt Musk meant anything by it and it was likely just a regular old human reaction on a social network, rather than the joy of seeing a master plan to make people poor working out. Plus, Musk has been known to say that he doesn’t always think things through before posting, so there is likely not much point in looking into this expecting to find anything other than what it appears to be.
Still, this should be taken as a lesson by all those new to crypto — do your own research, and don’t just follow the trend if you don’t know what you are doing.
Did you invest in DOGE due to Musk’s tweets?
- Yes, and I regret it.
- Yes, and I don’t regret it.
- No, I did research, and I didn’t like the idea.
- No, I invested in DOGE because I wanted to