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Elon Musk is buying Dogecoin (DOGE), pledges support

Elon Musk is up late manipulating the cryptocurrency market with a series of late night tweets about buying the Dogecoin dip.
Asif Khan
Asif Khan
3

Elon Musk is doing his usual late night tweet dump this evening, and the CEO of Tesla pledged to continue to support Dogecoin in these trying times for the cryptocurrency markets. He even replied to a user who asked if he was buying the dip. Musk simply replied "I am." Dogecoin is already up over 3% on this news.

Musk made lot of news last week at the Twitter all-hands virtual staff meeting. Oddly enough, Musk was also sued for $258 billion for alleged Dogecoin racketeering. Earlier in the week, Musk appealed the SEC agreement to have his tweets monitored, but it is important to note that U.S. regulators don't have the same level of jurisdiction over the cryptocurrency markets.As for everyone's favorite dog-based cryptocurrency, Dogecoin is up nearly 10%. 

It speaks to the absurdity and low liquidity of the broader cryptocurrency market that a couple of Elon Musk tweets can move the value of digital assets. Musk has been pushing companies to accept DOGE, even supporting Dogecoin purchases on the Tesla merchandise store.  

The Dogecoin chart shows the material jump higher on the news that Elon Musk is buying the cryptocurrency.
The Dogecoin chart shows the material jump higher on the news that Elon Musk is buying the cryptocurrency.

During last week's meeting with Twitter employees, Musk said that it would make sense for the social media platform to integrate payments for sending and receiving money. It would not be that surprising if Twitter incorporates Dogecoin into this future payment system. That being said, the market is clearly not sure if Musk's $44 billion deal to acquire Twitter with the stock trading materially lower than the $54.20/share acquisition price. 

This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.

Full Disclosure:

At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:

Long Dogecoin

CEO/EIC/EIEIO
CEO/EIC/EIEIO

Asif Khan is the CEO, EIC, and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.

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