Dogecoin Spikes Briefly After Musk Says He Won't Sell His Crypto Holdings

Prices of the memecoin often see a surge after celebrity mentions.

AccessTimeIconMar 14, 2022 at 6:29 a.m. UTC
Updated May 11, 2023 at 4:41 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Dogecoin (DOGE) briefly jumped as much as 10% during Asian trading hours on Monday after Tesla CEO Elon Musk said in a tweet that he is not selling his crypto holdings, which includes DOGE.

  • DOGE exchanged hands at $0.111 on 4:10 UTC amid a largely flat crypto market. It surged following Musk’s tweet at 4:11 UTC, where he said he will continue to hold DOGE, ether, and bitcoin, and reached as high as $0.122 at 4:17 UTC.
  • The spike was likely driven by automated trading bots that track token mentions from popular accounts on social media sites like Twitter. Musk’s Twitter account, for instance, has a following of over 77.6 million.
  • Prices of DOGE slumped to $0.113 from the morning spike at the time of writing.
DOGE surged to over $0.12. (TradingView)
DOGE surged to over $0.12. (TradingView)
  • Musk has previously tweeted about DOGE on several occasions. In February 2021, he posted a picture of a rocket next to the moon and followed that tweet with a one-word tweet that stated “Doge” – a play on the saying of “going to the moon,” a term for an asset-price surge.
  • In May 2021, Musk stated he was working with dogecoin developers to improve system efficiency, which sent DOGE prices flying by 22%.
  • Musk’s Tesla started accepting DOGE payments on its merchandise store earlier this year, as reported. DOGE payments continue to remain active, with the “Giga Texas Belt Buckle” and other products priced in both U.S. dollars and DOGE.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.