Elon Musk, the CEO of Tesla and SpaceX, has kept tweeting about the meme digital currency dogecoin. He’s updated his Twitter profile picture to add a Shiba Inu dog, which represents dogecoin. He also said his son is “hodling his Doge like a champ” on Twitter. In the meantime, as per Coinbase figures, dogecoin trading volumes increased by 1,250 percent in the second quarter on the world’s largest digital currency exchanges.
Elon Musk’s Endorsement for Dogecoin Is Here To Stay
The Doge community was ecstatic last weekend that Elon Musk, dubbed “the Dogefather”, had updated his Twitter profile picture to a photo of him wearing glasses with a Shiba Inu dog in the reflection.
The value of dogecoin rose somewhat after he changed his profile image but has subsequently plummeted, losing all of its weekend gains. According to statistics from Bitcoin.com Markets, the DOGE value is $0.174 at the time of publication.
Before changing his Twitter profile image, Musk wrote on Saturday regarding dogecoin, clarifying that his infant son, “X Æ A-12”, is not selling his DOGE.
Lil X is hodling his DOGE like a champ. Literally never said the word ‘sell’ even once.
Musk earlier stated that he purchased dogecoin so he may be a toddler hodler.” On May 20, he tweeted, “I haven’t & won’t sell any doge.” indicating that he possessed DOGE but not specifying how much.
In the meantime, the trading volume of dogecoin has skyrocketed. As per data from Coinbase:
Dogecoin’s trading volumes soared 1,250% in the second quarter of the year on the world’s major cryptocurrency exchanges.
In the second quarter, Dogecoin’s average daily trading volume was $995 million, rising from $74 million in the first quarter of 2021.
On worldwide exchanges, ether trade volumes increased 53 percent quarter-over-quarter to an average of $3.25 billion per day, according to Coinbase statistics. In the meantime, daily bitcoin volumes plummeted 14% to $4.01 billion.