Dogecoin 10% up after Elon Musk changed his Twitter profile picture

After Tesla CEO Elon Musk updated his Twitter profile picture to indicate his support for the meme cryptocurrency, Dogecoin price jumped 9.7% overnight to $0.19.

Musk’s new profile photo is a headshot of him wearing mirrored aviators with a reflection of the Shiba Inu meme, which is the inspiration for Dogecoin.

Musk’s use of “Doge eyes” to show his support for Dogecoin is most likely a reference to Bitcoin’s #LaserRayUntil100k meme, in which users add laser eyes to their social media profile images to show their support. Musk was a part of the excitement for a short time, along with Michael Saylor of MicroStrategy, who has kept the laser eyeballs alive to this day.

According to crypto data aggregator CoinMarketCap, Dogecoin’s overnight price rise ultimately leaves the currency 11 percent less valuable than it was seven days ago.

Elon Musk pumping the price of Doge by 40% in half an hour with one tweet.

Co-creator of Dogecoin Jackson Palmer also launched a broadside beside his former project earlier this week, taking to Twitter to state his opinion that all crypto is “an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.”

After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.

— Jackson Palmer (@ummjackson) July 14, 2021

Still, in spite of the roasting vote of no-confidence from one of the most effective software programmers in crypto’s new history, Dogecoin is the only top 20 currency to have experienced a major price movement overnight.

In related news, Musk also updated his followers about his son’s Dogecoin holdings, which he first told the world about back in February.

Apparently, “Lil X is hodling his Doge like a champ. Literally never said the word “sell” even once!”

Lil X is hodling his Doge like a champ. Literally never said the word “sell” even once!

— Elon Musk (@elonmusk) July 17, 2021

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