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Elon Musk tweeted that dogecoin is people’s crypto shortly after the billionaire pledged to move off the social media platform for a while. Incidentally, the token, which traded at $ 0.0411 on Feb. 3, rose to $ 0.0588 just as Musk tweeted.

Doge Token Pumps After Elon Musk Tweets 'Dogecoin is the People's Crypto'

However, at the time of writing, the token appeared to be pulling back to $ 0.0541, a price still 60% higher than Feb. 3. After Musk’s earlier tweets about the token, the price of dogecoin soared to a record high (ATH) of $ 0.0791, according to data from Messari. At the time of writing, the token is still up more than 400% this week while its market cap is at $ 6.74 billion.

Likewise when Musk changed his Twitter account bio to include bitcoin, the value of the crypto surged by more than 20% in a few hours.

Doge Token Pumps After Elon Musk Tweets 'Dogecoin is the People's Crypto'

Meanwhile, not everyone is impressed by the billionaire’s tweets, ranging from pumping the dogecoin token to supporting Wallstreetbets traders.

Some analysts have accused Musk of intentionally tweeting about certain stocks and crypto assets on behalf of him and his friends. That’s why others want now regulators to join after claiming that Musk’s market-changing tweets hurt “ the little guy. ” Some Twitter users believe this is what prompted Musk, one of the richest people in the world, to announce that he was leaving Twitter.

Doge Token Pumps After Elon Musk Tweets 'Dogecoin is the People's Crypto'

Since ending his brief self-imposed exile from Twitter, Musk has spoken of dogecoin in at least five tweets. On Twitter, some users thanked Musk for helping them take advantage of the token, while others asked if he could do the same for other tokens. Still, others, such as one Twitter user, joked to Poison that he’d suffered losses “because I listened to you man.”

What do you think of Musk’s tweets about dogecoin? You can share your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Twitter

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