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"DogeCoin Storm Unstoppable" - Musk's Words Drive Dogecoin Up 20% Again

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"DogeCoin Storm Unstoppable" - Musk

For Dogecoin, any bullish news is no match for a single word from this man. Elon Musk, CEO of Tesla and SpaceX, tweeted today hinting at a "Doge storm," once again triggering FOMO sentiment in the market, causing Dogecoin's price to surge 20% in just two hours.

Dogecoin Storm

The mainstream social media platform Twitter was recently hit by a large-scale hack. In addition to figures in the cryptocurrency market such as Zhao Changpeng, Justin Sun, Binance official account, Gemini official account, and Kucoin official account, even accounts like Apple, Uber, Elon Musk, Bill Gates, former U.S. President Obama, and presidential candidate Biden were breached by hackers to post fraudulent messages, promising to double the Bitcoin sent to a specified address.

Interestingly, after the incident, a netizen who seemed to be a (??) victim of the scam commented under a tweet by Tesla founder Elon Musk:

"Where is my Bitcoin?"

To which the witty entrepreneur responded:

"Sorry, I only sell Dogecoin."

Shortly after responding to this netizen, Elon Musk posted another tweet hinting at an "unstoppable Dogecoin storm."

While these tweets may seem nonsensical, they caused another frenzy in the cryptocurrency community due to being published by Elon Musk, leading to Dogecoin surging by 20% within two hours. This is not the first time Elon Musk has publicly mentioned Dogecoin; the entrepreneur has previously tweeted about his fondness for Dogecoin and even changed his Twitter bio to "CEO of Dogecoin."

FOMO Driving Price Surge

The long-dormant Dogecoin became the center of attention this month. At the beginning of the month, Dogecoin gained popularity due to a short video on TikTok titled "Let's all get rich," causing a surge of over 140% in just three days. This unexpected social media frenzy even led the founder of the lending protocol "Compound" to join in.

Source : @rleshner

However, it must be emphasized that these price surges are driven by social sentiment, and Dogecoin's fundamentals have not changed. Blindly chasing the rise in price can easily lead to unnecessary asset losses. Even the official Twitter account came out to advise people to be cautious, urging them not to buy recklessly.