Bitcoin Forum

Hi everybody,

I don't have a lot of experience with crypto: but I am curious how you think about this theory: Elon Musk regularly tweets about Dogecoin. Elon Musk has a net worth of 172 billion I see in Google. I think that's a little less now, but still a lot :).

I see that Dogecoin is in 17th place with a market cap of 6.2 billion.

Why would Elon Musk tweet so much about Dogecoin? It seems that everything he touches turns to gold. If he bites into something, it will be a success: left or right.

Suppose if Elon Musk were to pump 40 billion into the Dogecoin, Dogecoin would be the 3rd largest altcoin in the world with a market capitalization of 46 billion. And then he was proved right again. And well done again. I wouldn't be surprised he does this. And maybe he wants to reward everyone who buys Dogecoins for following up on his tweets?

After buying, he may well combine Dogecoin with his other business activities. Maybe a strange theory: that's why I'm also curious how you think about this.

He is fucking around mostly. He looks like he can make fun of anything. Doge is just another playground for him. Maybe he wants to buy low sell high by using his influence over people if he needs more money you know... That would damage his reputation very badly however.

Elon musk is more carefully right now because his tweet about Dogecoin is under investigated by SEC. Since every Elon musk tweet about Dogecoin it will manipulate Dogecoin price.

Right now he's tweeting about NFT, that's why NFT token price pumping and interested with many people.

he just playing with the masses and maybe just testing how powerful his influence is. Not to mention when he tweets something related to crypto for example doge, it's not only doge that become center of attention but elon musk aswell thus it's increasing his popularity by doing tweet which is next to nothing. I mean, who don't want that?

I think there is another mission from Elon Musk that is tweeting about Dogecoin where he is trying to get the sympathy of others to buy DOGE at a high price and he himself will then ditch DOGE to create his own coin. especially now that many people have suffered losses to DOGE because of Elon Musk

He is just trolling us, and using Dogecoin to bait everyone. I seriously don't think that Elon will try to pump Doge just for the sake of making more money. It's the people and speculators who fuel the investors imagination that because of Elon Musk tweet, Doge will go to $1.00 so the hype started. And up to know many still believed that Elon is a investor of buying Doge, which for me he is not.

DOGE coin was actually made for fun but later it went into a serious project, Elon Musk choose to tweet on it to show how much influence he is having in the crypto and the whole investment community. He maybe holding huge chunk of Doge or he just want to make fun of it and get more popular.

People should understand the games Elon is playing, he is playing a pump and dumps game, and people who are participating in this pump and dump game has a risk of losing their investment if they are not good at timing, timing on buying, and timing on selling, investors should understand all the risk involved if they are going to follow Elon Musk's game.

At the beginning of this theory, this was increasingly sticking out after several tweets made about Dogecoin that made them believe in the speculation that continued with Elon Musk's tweets, actually I'm also not sure he is a true investor in the doge he holds, and only to created the hypedi of many Dogecoin lovers.

@jawhead999 I have never heard of this is it still under the SEC investigation of Elon Musk?
Will this case be similar to that of John McAfee?
Even if it's a different case?

The NFT token is also busy because it was created for hype. I am sure that everything about trends happening there must be hype created.

Musk writes about what he wants and this is his right. If you want to buy a doge in the hope of what you wrote above I wish you good luck. For me such a risk is meaningless like the coin itself by the way. Buy and hodl bitcoin!

I suggested to you immediately that Mars should live, it's unbelievable, even a newcomer to this market realizes it's a joke. Money is not an air you like to breathe all the time, wake up and stop those silly thoughts.

I think Elon actually have huge amount of doge. none of the billionaire willing to waste time to promote something that gets them nothing in return and maybe he found fun in doing it. but i don't really like how he could manipulate the market though  :-\ .
just one person needed to shake the whole market and i dont think thats good because that means crypto more specifically doge still vulnerable to manipulation.

There are some possibilities

1. He was only trolling and playing the doge communities
2. He is an owner of the richest wallet on the doge chain
3. he wans make profit from there.

I think that these reasons were totally make sense. Remember about there are some people believe that ELON is the guy that already bought billions of doge coins.

I do believe if he was only trolling the community but who knows

The coin which was started as meme by a community is now having market cap of $6 billion and this is just because of Elon Musk making tweets to manipulate the market to raise prices of Dogecoin.The prices went from $0.19 in March 2020 to $5.72 in 2021.This sudden rise in prices in just a year is insane as driving forces like Musk have pushed the prices higher.He has investment in Dogecoin and Tesla is accepting doge paymialonh with btc for cars sale on their website.He is playing along with people just to increase his profits taking undue advantage of his influential powers.

Well when he started pumping 40 billion into the doge he had 4000 billion. Do you know where these numbers come from? From your paranoia, you probably also smoked a lot of weed, so you can have crazy thoughts. Assume what is plausible and probable, not such thoughts, but I also think you are daring to think so.

What theories are you talking about? In your words, I see naivety, in which I want to believe like a fairy tale. It doesn't work that way, he has 172 billion dollars, this does not mean that he can pump Dogecoin up to 46 billion. In theory, this is possible, but rich people don’t think so, they wouldn’t be rich if they were giving away their money.

When those sites were accepting doge coin and that will not make the doge coin becomes even more speculative but people who is always speculating it that will make dpge to be a speculation coin.
Remember about i never heard about this kind of theory but OP was coming with this theory.

There are lots of buzz words already created by so many parties and it looks like this theory was also including in the BS that created by people who were speculating elon has a very strong relationship with doge.
I can't accept this theory.

That's what he's doing to DOGE looks like, if it's true that everthing he touch on became gold then DOGE was still struggling in the market today. I didn't judge every team behind altcoin because i believe that they have the capability to improve the blockchain of the crypto but linking Elon Musk by just his tweets i am not yet convinced unless i can see it in my two eye the rapid growth of DOGE, then i'll believe in him.

Not sure Elon Musk is playing it safe and i do not think he really cares if the SEC is after him as he has the money to defend anything that is attached to him. Even recently he tweeted about Doge coin, his defense will be he never asked anyone to invest, so you can say that he is careful with the words he puts out  :D.

Musk did tweet about NFT and he was actually mocking the million dollar art sale that happened a few days back and that sale made the market go higher if i am not wrong.

He tweeting so much to about dogecoin because he has investment to this coin and once the dogecoin rise very high they will earn more profit like billions of dollars again is really possible for him. Actually he looking for the coin who is very cheap value and because of the tweet he made last few months ago the dogecoin starting to rise and we do not how much he invested before he introduce this coin.

I'm still holding on to the alibi that what will happen to Dogecoin if Elon is no longer interested in owning DogeCoin or leaves him alone. can the followers go because nearly half of Elon followers follow suit in the hope that Elon continues to run the big pump. It is undeniable that I also followed Elon trend where he tweeted, automatically I immediately checked DogeCoin, which deliberately bought it at a high price. I fell in love with the Hype. oh of course it's not just me, but Por* artists like Mia Khalifa who last bought DogeCoin for $ 0.08.

It's sad, in the end DogeCoin is only considered half-centered, depending on the fate of Elon ring finger. hoping every minute he pays attention to DogeCoin.

Doge is a coin with infinite supply, it is certain that Elon musk will not pour billions of dollars into such a coin.
I think the Elon musk is just trying to increase Doge's price until he decides to sell it.

Many people have lost money trying to invest in Doge when elon Musk talked about it, I think he will not pour his money into this coin.
At the moment Doge is overvalued, it is certain that in a few months it will return to its true value.

I don't get this argument, who cares about that honestly, Bitcoin will have a finite supply in 2140, who will still be alive in the middle of the 22th century? Nobody, so Bitcoin has also virtually a infinite supply because no one on earth will be alive to see the end of its mining production.

Everyone does have the same impression towards Elon Musks as of this moment this is why you should really be careful on dealing up with things because not everything will be turning out to be a success.
If he tweeted about it almost on active manner then you should have doubts that he might already had baghold tons of it and once it do able to hype up such market then theres no doubt that selling situation
or time would really comes next which would result into making yourself get caught in the middle of the dump or simply you lost money or ending up on holding like forever until the market would recover out.
So the best thing to do is to always be wary and mindful towards your actions about doge, you can really play with it though but you should really be careful.

He does not make gold from all things that he touches. He just makes fun from time to time with accounts or exchanges or services. The most funny thing is that lots of people believe him more than the themselves and take part in all this strange movement )))) that is why we get some situations like this one with Dogecoin we get.

I think you've got it all wrong - I'm guessing Elon was testing the waters to see what kind of power his tweets carry with the masses and so he choose a well know coin with a strong following that ticks all the right boxes (block-chain, plenty of exchanges etc).

You never know he might have even bought a few million prior, but somewhere down the track he'll use twitter to plug something really big with much higher returns then just doubling or trippling the price of a minor coin.  Whatever it is will go ten-fold to fifty-fold. 

Who knows?

Yeah, it found ridiculous that a man with a huge net worth will push this (likely shit) coin to surge. He's not just playing around here but he just wanted to fool people to know if how influential he is. But honestly, the response of the people towards this tweet is less effective to make a hype or I would say, there is nothing.

Dogecoin won't go that high belong to the top 5 or 10 altcoins no matter who will promote it just because people already know what Dogecoin can do for them in return. They don't take that risk because that is certainly a trap.

Obviously, Elon musk was one of the whale holder of Dogecoin were He know for himself that He has a capability to manipulate the price of Dogecoin by simply giving a hype methods via tweet, where He knew that most of the community who believed in dogecoin will surely buy them were in the end a lot of them will buy and sell this coin, and that's what always happened every time He want to do it.

He didn't have to do that to see his influence power.

Years ago, when Tesla Model 3 was making its debut, he collected 325.000 pre orders for it in 1 week. (source (https://www.theverge.com/2016/4/7/11385146/tesla-model-3-preorders-375000-elon-musk)) If I remember right, the price was like $1000. So he raised like 325 million dollars in 1 week. People already trusted him that much.

He didn't have to play pump&dump with doge to show off.

Didn't he then live in the Factory to ensure the cars were produced in rapid time to fulfill the orders or face hefty (unrealistic) penalties - it was almost being run as a (Ypouknowwhatzi) just to cover the outlays and promotions without any profit (other than the share price surging on the stock exchange).

We don't know why he shilling dogecoin but I doubt this guy maybe he invested a lot in dogecoin because why he spend time to tweet dogecoin?., seems he just want to raise the price so that he can make profit of it.

lol, first of all you have to understand how net worth works- he has not have cash on hand, he has stock of tesla, if he decided to sell say 1/3 of his stock , the stock would plummet hard and he would never get that starting valuation for his stock.
and if he tweeted about dodge and then bought it, it would most likely be manipulation and is illegal

What theories can we talk about if the coin has no idea for further development. Just a joke coin, created for fun, supported by users only because of its low cost. What are the theories about Dogecoin? There is no hope that the price of the coin will increase until the buyer is satisfied with it. I do not take Dogecoin seriously and do not advise others to pin their hopes on it. Elon Musk just found another way to have fun and play on the feelings of others.

Dogecoin was always a shit coin, but in the software side it could look better than bitcoin, have you ever asked yourself what's the difference between doge and bitcoin, and why doge is better? Here are 2 main reasons:

1.- Transaction Fees: To send dogecoin has a cost of 1 doge. that's 0.00000099 btc for each transaction.
2.- Blocks each minute.

But there is a bad side for doge:

1.- There are 128,866,135,183 Doges in circulation.
2.- There is no halving, so, the coins will be unlimited.

If we understand this base, then we can think about how far can dogecoin go. And I say it would be really hard to see it at $1 each doge.

I am more than sure that in half a year everyone will forget about doge.The noise was good, but as always, not everyone earned money, and only those who owned the information.I take it very calmly.

It seems that the management doge cannot maximize the shock that is carried out to be able to increase and continue to be able to monitor so that the price does not fall again. because if there is a drastic decline like when it was not surprising in February, which touched $ 0.08, it will certainly be able to return to its original price.

currently doge is still considered stable with price movements not deviating from $ 0.05 which is of course very good, once again the management has benefited at least by making a surprise so that it can go up again by reducing the supply of coins in the market, it seems that it has not been done, or is indeed happy with this situation only.

I think it has something to do with the Elon Musk business, now if you think about it why is Elon Musk always tweeting about altcoins if there are no good returns. Right now I think this is an individual advantage, and it's a great collaboration between Dogecoin and Elon Musk because they both get the desired results

The developers are not too keen on reducing the number of coins in circulation, when the price of Doge started to increase and the network started to stagnate they are finally taking measures to upgrade the network which was long pending so that you can still move the coins with ease and the lack of these upgrade delays shows that the developers never anticipated this rally.

The problem with bitcoin is that people need to put in a lot of effort and money to get it, and it becomes more difficult to mine bitcoin later.
However Doge is different, increasing Doge's supply is quite easy

I believe that we are looking for a problem where there is none. and we also want to find some patterns or riddles in the actions of Elon Musk, but in fact we made sure that he simultaneously invests his funds in both Bitcoin and Doge Coin, Although Doge was bought for a small amount for him, as a gift for his son, which cannot be said about investments in bitcoin, which are of a more serious nature.

We need to hear it coming from the horse's mouth why on all coins he prefers Dogecoin, what's behind it, what's the motives and is this healthy in the ecosystem of Cryptocurrency, honestly, nobody saw this coming with no announcement at all he just picked DogeCoin and continue to tweet, there's a possibility that some coins are also on his radar, I hope I'll get a hint on what it is.

What I really think is that maybe Elon Musk is using his influence to make big gains out of cryptocurrency. When he made those tweets about Dogecoin before, the hype started and many of the old timers in DOGE have made lots of fortunes. I am not sure though if there were overnight millionaires because of that but I am pretty sure there were. Now that we are seeing DOGE price becoming stable and low then many of the newcomes who were FOMO'd by the hype will start raking in DOGE, hoping for the next Elon tweet.

Thanks for all the responses. I always try to think outside the box. Why I think Elon chose Dogecoin? I don't think he just randomly picked Dogecoin. I think Elon had a survey conducted by several specialists. Like a psychologist and economist. I think psychology plays a big role in the general public for long-term success. Many people have a dog. Every time someone talks about a dog, you subconsciously think about the dogecoin. Time will tell.

sometimes big influencers have to be careful when doing anything on social media. but there is a positive side for these coin holders, now I think we can try to take a lot of profit from Dogecoin. Nowadays Dogecoin has a high price tag and so is the NFT, so it's one of those things that can quickly and easily happen just because of a tweet.

Yeah I remember something like that. I also remember that he couldn't manufacture enough Model 3's to counter the pre-order demand. I might be wrong here but he couldn't deliver it the next year neither.

When the demand and supply actually met each other, people already changed their minds and decided that they don't want a tesla anymore.

I don't want to label Elon as a ponzi lover but he certainly smells like one.

He can just do whatever he like and if SEC will follow all those tweets then they might find it difficult to

prove that Musk have all those coins that he tweeted, though it's really possible to earn following those

hypes, you just needed to make sure that you are also willing to risk in case that the timing is not favorable

at your side.

Guess and the idea is cool, really, but I think a little differently!

The DOGE coin was created for fun, the creator did not hope for its such success, when Elon Musk began to get acquainted with the cryptocurrency market, he decided to also promote the "joke" coin, I think so!

There is a very important rule in the cryptocurrency market that never invest on the advice of others.
Doge coin's price at the moment is due to Elon musk hype, it wouldn't be wise to invest in doge at this point.

I think he was just playing around with his tweets. And he will never in his right mind will put 40bn into doge coin.

The coin was created as a meme but it started gaining momentum when they sponsored a rally car tournament and everyone supported them by donating the coins and no one expected it to rally to astronomical high valuations and Elon Musk is trolling the entire market by supporting Doge and he was doing that for a few years and he was able to move the market whenever he tweets.

If the developers update everything in time then it will be great.

of course, no need to overthink that because it is very obvious. do you think any businessman out there will integrate something that is purely based on hype or season as their business model? there is no way they will do that. the main point of his tweet is all about his approach or his way telling people that he is slowly accepting cryptocurrency.
since advertising bitcoin openly will create critique, might as well just joking around with memecoin but getting traffic from it.

Only Elon Musk knows the real reason why he often makes tweets about Dogecoin, according to many members here Elon Musk is just trolling.
Because he thinks of Dogecoin as his playground and maybe it gives him pleasure. But in my opinion Elon Musk made tweets related to Dogecoin
who wanted to make the Dogecoin price pump. Because my guess is Elon Musk has already bought a lot of Dogecoin, that's why he wants to make
a profit from Dogecoin. By promoting Dogecoin on twitter platforms.

For now Elon Musk has had some measure with respect to tweets, in the crypto world many are waiting for a twitter from him to buy, he is an influencer with a lot of power, he moves masses and that currently makes the market produce many emotions, Such emotions are what move the market.

In Jesse Livermore's book called "Memoirs of a Market Speculator" he talks about emotions and Elon Musk is undoubtedly one of the causes that make a "Positive Fundamental" both for Bitcoin and for any cryptocurrency, it is like in the book when he explains that he bought many shares and waited only for positive news for everyone to start buying that share, and the Strong Hands of that share was him, only that sale made him a millionaire, similarly today with the bitcoin and cryptocurrency market .

There is a very very very simple reason why he can't and won't do this : there is about 40% of all doge coin owned by certain group of people. So, if he pumped 40 billion dollars into dogecoin whic he won't because even for bitcoin they did a 1.5 billion one and not more, that would mean he would be buying dogecoin from those who have a lot and they will have enough money to keep dogecoin where it is, in fact they have enough dogecoin to drop the price of dogecoin under this current price even after elon musk spends 40 billion dollars on it. So long story short it would be the worst financial decision anyone has ever made in the history of the world.

I get that some people are hopeful about it, I get that some people want this to happen so that they could make some money. But the reality is that dude is just a meme guy who has fun and that's about it.

I like your last statement. and indeed what is happening right now is that. should everyone be able to find out how Elon was playing and joking with Dogecoin?
with many followers, he could easily fool his followers. create hype in the market and afterward, he will laugh at what his followers are doing.

It was only this time when Elon creates hype many follows without understanding what the coin idea really is, some thinks that it is like bitcoin with real purposes since they didn't research on it, it's good to follow hype but in only limited time just to gain atleast a profit but not to the point to put Al investment and hold it long.

Elon Musk is a meme lord, you can see the various eccentrics he did before. Anime, Joking SpaceX Failure, etc and Dogecoin are the right altcoins for Elon musk to enter the world of crypto, according to my theory that is just one strategy from Elon to introduce crypto to the world and of course he has previously invested or held several cryptos and after being famous of course will attract more attention, So it's another profit for Elon musk. It is also possible that Elon will implement various cryptos into its business structure as we see today where you can buy Tesla with bitcoin.

Rich people don't throw cash around just for the sake of it. There must be something in it to catch their fancy before they engage their wealth in it. Dogecoin may be a fun token from its creation but it certainly has a fantastic low transaction fee and the speed of light for confirmation of transactions. A few times I used Dogecoin proved to me that it's a great token. It's just its infinite supply that is the problem holding it down for price valuation. Surplus supply, we are taught, causes something to lose value.


Oh yeah. Really? This will be interesting then.

Not gonna happened I'm thinking is a DOGE coin investor because he's hyping the DOGE coin with his tweets and it would make sense if he did that. But as an investor, he wouldn't actually be going to do this because he wants to adapt the DOGE coin right or wanted to use DOGE as a utility in his business. Every company will probably just go for bitcoin at this point because it is the top cryptocurrency and investing in bitcoin is the best investment the company could do. For sure Elon has a plan with this DOGE coin pump I mean it is a pump and dumps scheme for sure so I wouldn't invest because whales could easily dump on you.

That's right, I also think if Elon Musk only attracts people to buy Dogecoin at a high price so that once he gets a big profit he will leave Dogecoin and the DOGE price will return to its original value. It is possible that Elon Musk wants to advance his company from the profits he is making from Dogecoin.

He might not be the kind of person that a lot of people likes, but he’s always making a smart move. Imagine in the near future how much this investment is going to get him, because it’s not over yet, we still have another halving ahead and we know the level of changes that halving can cause in the market in the next years that are coming. And when this happens the price of Bitcoin will increase and this investment that he has made will likely be multiplied.

Now the question is going to be what action they will take next at that time, they may decide to sell their assets and cash out, though they will continue to be accepting Bitcoin as a payment for their products and when he is going to pump his surplus money into cryptos.

Whenever Elon Musk tweets about a coin, it is of course for his profits. He is not a community figure, he is a typical investor or even whale who is trying to get a lot of profit with the large capital he have. It's the same when he tweeted about bitcoin and the big purchases he made. Obviously, there is a purpose for profit. Luckily, now not so many people are consumed by what Musk said. So, the FOMO effort that he hopes will not have a big impact. So it is with wallstreetbets, more people know this game, more low the impact.