Elon Musk’s crypto twitter timeline: how’s dogecoin going on?

Hey guys, today I want to talk about Musk, not about Tesla$Tesla Motors(TSLA)$ , but his another favorite: Twitter$Twitter(TWTR)$ .

Musk, as the most famous&richest man in the world, has more than 8million followers on twitter, in other words, every sentence he said can bring a storm to market.

When he changed his Twitter bio to ‘#Bitcoin’ in late January, the price of Bitcoin jumped nearly 20% in a matter ofhours.

Musk first started tweeting about cryptocurrency in January 2018 with Musk-founded The Boring Company's release of flamethrowers:

But wait, there’s more: the flamethrower is sentient, its safe word is “cryptocurrency” and it comes with a free blockchain

— Elon Musk (@elonmusk) January 29, 2018

Some Musk’s tweets about cryptocurrency:

Some timepoints when Musk sent relevant tweets:

From February 2018 through at least February 2019, Musk publicly maintained via Twitter that he owned no cryptocurrency aside from 0.25 BTC that a friend had sent to him.

But in April of that year, Musk declared,
"Dogecoin might be my fav cryptocurrency. It's pretty cool."

Then in the latest years, Musk helped push Dogecoin's price upward from under a penny in January 2021 to a high of $0.73 on the day of his May 2021 "Saturday Night Live" appearance.

Does dogecoin valuable?

The following charts are the transaction counts and price of dogecoin. From the compiled chart, it's easy to see that the increasing number of tweets has led more people to pay attention to Dogecoin, and some of them are even pouring into the carnival. But another data pattern that was quite spooky was that dogecoin prices peaked on the day or the day after the highest number of tweets. This means that the carnival usually comes and goes quickly, and the "carnival day" is most likely the "harvest day".

Now, in the bearish market, Dogecoin is not as popular as before, this warns us to be careful to the phenomenon of ‘Social media effect’ and ‘Musk effect’. Dogecoin is recognized as a kind of [altcoin], means it has no true value but speculation.

What do you think of Dogecoin?

Will you follow Musk's tweets?

Let's talk in comments!