Baxia Markets
May 27, 2021

Another Tweet, Another 5% Gain

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Elon Musk will not stop tweeting about cryptocurrencies. The latest tweet came yesterday mentioning his preferences for different cryptocurrencies, saying “(Dogecoin) has dogs and memes, whereas the others do not”. Keep in mind this is the same guy who tweeted in all seriousness about the “environmental impact” of cryptocurrencies is too high, thus sending the entire market into disarray.


Now, the same person is praising Dogecoin, a valueless meme coin that has a high token concentration with no action in limiting its environmental impact whatsoever, for sheer hype over “memes and dogs”. 


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His comment yesterday sent Dogecoin on a nice ride up, as people tend to react to his tweets in a very fast manner. “Someone suggested changing dogecoin fees based on phases of the moon, which is pretty awesome.” Musk said. This makes no sense at all on an economical basis, but might just become a reality because “Elon said it was cool.”


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