Elon Musk drops another crypto reference only days after Twitter hack

Written by: Ali Raza
July 18, 2020
  • Elon Musk posted another crypto reference earlier today, this time featuring Dogecoin.
  • Billionaire Tesla CEO was not hacked this time, however, and this is part of his usual posting.
  • The reference did a lot to help out DOGE, however, as its price surges by 15% at the time of writing.

Elon Musk is once again making a stir in the crypto industry, and this time, he was not even hacked. A new tweet published earlier today, July 18th, Musk once again made a reference to his favorite coin.

Elon Musk says Dogecoin is inevitable

Musk’s tweet did not say much. In fact, it is a meme of a sandstorm that represents Dogecoin (DOGE) moving over a city that is a representation of a global financial system.

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Musk’s simple comment on the photo is “It’s inevitable.”

As mentioned, Musk has been making waves in the crypto industry like this before, and all he usually needs to do is reference cryptocurrencies.

In the past, he called Dogecoin his favorite coin, and common references of this particular crypto often cause its price to skyrocket.

This time was no exception, and after Musk’s tweet, DOGE price started surging by almost 15%. The token is currently the 29th largest crypto by market cap, with a price of $0.003423 at the time of writing, and a market cap of $430 million.

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Why is DOGE Musk’s favorite coin?

As many likely know, Dogecoin is a joke crypto that was created back in 2013. It is based on the ‘doge’ meme, which was popular at the time, and which featured a Shiba Inu.

The token was created by Jackson Palmer, who supposedly made it as a part of the meme. However, DOGE found a lot of acceptance among the crypto community members, and it remains a high-ranking coin to this day, and one of the few from that period that are still alive.

DOGE is often criticized for not having an official leader of the project ever since Jackson Palmer decided to distance himself from the crypto. However, the community continues to mine it, buy it, and trade it. It is an open-source, fully decentralized crypto, made as a fun, light-hearted cryptocurrency that no one is buying in order to get rich.

This might be why Musk himself appreciates it so much.