Elon Musk has been using his Twitter platform again to trigger speculation about the rise of Dogecoin. Musk’s simple three-worded tweet lead to speculation in regards to whether Tesla’s experimental supercomputer could help the meme-inspired cryptocurrency.
Reddit’s Dogecoin-focused forum is full of crypto enthusiasts who started piecing things together that could possibly give meaning to Musk’s tweet which simply read “Dojo 4 Doge.”
Many on this forum made the suggestion that this tweet was possibly making a reference to the powerful ‘Dojo’ computer Tesla is building to train its artificial intelligence networks. Musk has previously confirmed that the first version of this computer should be ready by the end of this year.
In typical Musk fashion, he did not elaborate on what his tweet meant, probably enjoying the mass speculation that he has a habit of starting. This tweet alone though was enough for the price of Dogecoin to spike on Sunday before the crypto markets saw a significant drop Monday morning.
If you weren’t already aware, this just further illustrates Musk’s ability to manipulate the Dogecoin market. The fact that he is using his Twitter to tease people about the potential of DOGE is very bullish for the cryptocurrency and it appears increasingly likely that Musk will not be giving up on promoting this coin.
After today’s market crash which has seen bitcoin go from $57k to $47K, there might not be a better time to buy crypto. It is a mistake of many investors to ride the hype train and get upset when it runs out of steam. DOGE should only make a small percentage of your portfolio up due to its speculative nature but it is certainly something worth jumping on since it has one of the world’s most influential men on board.
