Dogecoin pumps another 50% – what is Elon Musk up to with the cryptocurrency?

Elon Musk, crypto’s favourite CEO, has given Dogecoin (DOGE) another boost. The Tesla and SpaceX CEO recently spoke to media outlet TMZ about Dogecoin, only to tweet about the meme Crwod Millionaire cryptocurrency shortly after.

This latest turn of events comes after a rocky past week for DOGE, which rose about 900 to 1,000 percent after being heavily promoted on WallStreetBets, then went down over 65 percent in the subsequent sell-off.

Elon Musk gets busy with Dogecoin again

Musk appears to be taking on the Dogecoin community once again, causing extreme volatility in the cryptocurrency’s price.

According to market data, DOGE surged over 50 percent after Musk’s pump, making it the best-performing digital asset in the top 100 by market cap.

Earlier, videos were shared online of Musk discussing Dogecoin and cryptocurrencies in general on his way to his car.

In the TMZ video from Saturday night, Musk explains that cryptocurrencies are likely where the world’s monetary systems are headed. When asked to elaborate on this answer, he half-joked that Dogecoin could be at the centre of it, adding that „fate likes irony.“

Musk elaborated that Dogecoin was formulated as a joke, while Dogecoin was created to somewhat mock Bitcoin and other „real“ cryptocurrencies. Musk seems to be addressing the issue in a more jovial mood on Twitter.

He recently posted a photo that went viral: The photo shows him with a number of other celebrities – and at the top is the Shiba Inu dog known as the face of Doge.

So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
– Elon Musk (@elonmusk) February 7, 2021

Musk’s comments about the joke cryptocurrency come shortly after other celebrities like Gene Simmons of KISS and Kevin Jonas of the Jonas Brothers commented positively on Dogecoin.
A market peak?

While early DOGE buyers are naturally excited about the pump, Michael Novogratz, CEO of Galaxy Digital, calls for rationality.

Novogratz believes that „the $DOGE frenzy will end badly“ because of „greed and gravity.“ Novogratz adds that „$DOGE has no purpose“ ¬- a criticism many have made in recent weeks.

The Dogecoin meme hype

Although the Dogecoin pump is madness, more and more celebrities seem to be taking a liking to jumping on the doge meme bandwagon. The latest prominent example was from rapper Snoop Dogg, who posted an image titled „Snoop Doge“:

@elonmusk pic.twitter.com/KElwKghpei
– Snoop Dogg (@SnoopDogg) February 6, 2021

In many forums and social media channels, one reads again and again that users want to pump the meme cryptocurrency towards 1 dollar.