Tesla and Spacex CEO Elon Musk continued to tweet about the meme cryptocurrency Dogecoin. He changed his profile picture on Twitter, including a Shiba Inu picture representing Dogecoin. He also said on Twitter that his son “holds his governor like a champion.” At the same time, according to Coinbase data, the trading volume of Dogecoin on the world’s major cryptocurrency exchanges soared by 1250% in the second quarter.
Elon Musk’s continued support for Dogecoin
Over the weekend, the Doge community was very excited. Many people noticed that Elon Musk, who they called Dogefather, changed his profile picture to one of them wearing sunglasses on Twitter and saw a Shiba Inu in reflection.
After his profile picture was changed, the price of Dogecoin rose slightly, but fell since then, giving up all the gains over the weekend. According to data from Bitcoin.com Markets, the DOGE price at the time of writing is $0.174.
Before Musk updated his profile picture on Twitter, he posted a tweet about Dogecoin on Twitter on Saturday, confirming that his baby son, named “X Æ A-12”, would not be sold His Dogecoin.Musk wrote:
Lil X holds his DOGE like a champion. Literally, the word “sell” was never said even once.
Musk previously stated that he bought Dogecoin for his son, “so that he can become a toddler.” He also stated that he owns DOGE, but did not disclose how much, and issued it on May 20. The tweet stated, “I don’t have and will not sell any dogs.”
At the same time, the transaction volume of Dogecoin has increased rapidly. According to data compiled by Coinbase, as reported by Insider:
In the second quarter of this year, the trading volume of Dogecoin on the world’s major cryptocurrency exchanges soared by 1,250%.
The daily average trading volume of Dogecoin soared from USD 74 million per day in the first quarter to USD 995 million from April to June.
In contrast, Coinbase’s data shows that the trading volume of Ether on global exchanges increased by 53% month-on-month, reaching an average of US$3.25 billion per day. At the same time, Bitcoin’s daily trading volume fell by 14% to $4.01 billion.
What do you think of Elon Musk’s tweet about Dogecoin and how he changed his profile picture? Let us know in the comments section below.
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