Elon Musk Supports Dogecoin, Bitcoin Again: Will It Spark Massive Surge?

Elon Musk 'Likes' Huge Dogecoin Support, Reveals Massive Tesla Bitcoin Ownership
Dogecoin and Bitcoin both get support from Elon Musk in his recent tweets. As usual, these tweets could spark the next big boost for both cryptocurrencies in the market! Photo : FREDERIC J. BROWN/AFP via Getty Images

Dogecoin and Bitcoin both get support from Elon Musk in his recent tweets. As usual, these tweets could spark the next big boost for both cryptocurrencies in the market!

Investors in the cryptocurrency market wait in anticipation for the "next big thing" to make big profits. Bitcoin and Dogecoin, in particular, are closely being monitored.

Elon Musk and his tweets are notoriously known for directly affecting the crypto market. On Thursday, Musk dropped two tweets that could improve Bitcoin and Dogecoin's price.

Elon Musk 'Likes' Huge Dogecoin Support

Twitter user Steven Steele is a popular icon who discusses cryptocurrency-related topics in his YouTube channel. He recently proposed for AMC Entertainment to use Dogecoin as a new payment method. His post wrote, "AMC really should accept Dogecoin. It just makes sense. Do you agree?"

FX Empire highlighted that both AMC and Dogecoin "attained meme status in their respective spheres. Now some Dogecoin fans would like to see those two worlds collide."

Since both coins also have a history of suddenly spiking in value, combining these two erratic markets should bring out exciting results, according to internet fans. Twitter user itsALLrisky emphasized that "$AMC accepting $Doge would greatly benefit AMC shareholders and give practicality to #Dogecoin, uniting the meme assets behind a common goal."

While the internet discussed the benefits of this merger, a surprising development occurred. Elon Musk 'liked' the post, which boosted its overall popularity.

As of time of writing, Coindesk marked Dogecoin at a $0.20 trading value. However, market price does not equate to its growing popularity. Other companies have started to acknowledge this meme coin. The men's consumer brand Axe recently launched a limited edition "Dogecan," which the company distributed for free in selected areas.

Burger King in Brazil also introduced their Dogpper, which seems to resemble their Whopper sandwich. Interested customers can pay in Dogecoin to the restaurant's Dogecoin wallet.

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Elon Musk Reveals Massive Tesla Bitcoin Ownership

Another exciting development also happened for Bitcoin. Twitter user Dave Lee made a rough estimate on Tesla's holdings on Bitcoin. In February, reports said that Elon Musk invested $1.5 billion from Tesla's treasury and converted it to Bitcoin. The market value has long since changed, so Dave used an estimated Bitcoin price at $35,040. He computed a total of 42,069 Bitcoins for a $1.47 billion equivalent.

Musk surprisingly replied that "We don't have that many Bitcoin, but it's close."

The purposed for both of Musk's tweet activities remains ambiguous and open to interpretation. However, it's a clear boost occurred for Bitcoin's trading value.

At the time of writing, Coindesk listed Bitcoin at a $39,763 market price. This is a significant spike activity compared to its performance earlier this week. No predictions have been made for how long this momentum would last for Bitcoin.

Thanks to Elon Musk's tweets, Bitcoin and Dogecoin might have increased market activity for these next few days.

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