Elon Musk Artificially Inflating The Value Of A Popular Cryptocurrency

Elon Musk changed the Twitter logo and caused the price of the dogecoin cryptocurrency to spike.

By Tiffany Velasquez | Published

elon musk twitter cryptocurrency

Do you ever get bored of reading about certain people in the news? Well, if you get annoyed with reading about Elon Musk and his comical and crazy headlines, you’re out of luck here. Now the man, who some would describe as innovative and others as idiotic, has managed to cause the value of the cryptocurrency, Dogecoin, to reach a 30 percent spike in price, according to NPR.

Recently, Elon Musk changed the iconic blue bird Twitter logo. Musk previously engaged in a Twitter exchange that it would be “sickkk” to change the logo to resemble Dogecoin, and now he’s done that. Along with the logo change, the price of the cryptocurrency quickly rose.

Worth over 200 Billion dollars, Elon Musk is almost the richest man in the world. His business ventures range from electric car making to tiny microchips in the brain. Elon Musk owns many companies, including Tesla, Neuralink, SpaceX, The Boring Company, and most recently, Twitter.

One of the South African businessmen’s most recent business dealings has been clouded with scandal, unethical business practices, and so much drama—the acquisition of Twitter. Musk is currently facing a multitude of lawsuits. By a multitude, I mean well over 20. The scandal and drama will continue from the notorious businessman’s latest move. 

There have been accusations against Elon Musk of running a pyramid scheme regarding his dealings with the cryptocurrency Dogecoin. As one could guess, Musk has denied these allegations and is currently seeking his case regarding His alleged Ponzi scheme business dealings to be dismissed. The class action lawsuit is worth over $250 million, and involves Musks’ company Tesla and the Dogecoin Foundation.

 The cryptocurrency itself is not considered a stablecoin. It does not add any value whatsoever to the actual financial system. It was created as a joke, and it’s reasonable for some to say it remains a joke today.

Others in the financial field say that the cryptocurrency is a cheap way to diversify your investment portfolio. Some of those same financial industry professionals have created a timeline that if people wait three years or more, they may have a possibility to have up to 500% in returns. Everyone will form their own opinion when it comes to this controversial cryptocurrency.  

Other famous businessmen like music legend and business mogul Snoop Dog and Texas basketball team and land owner Mark Cuban have also caused increases in the price of this cryptocurrency. So it’s safe to say that Elon Musk is not the only big-name businessman with ties to the altcoin.

In addition to the latest scandal involving Elon Musk changing the Twitter logo and causing a spike in cryptocurrency price, his Twitter business deal has caused other controversy. The 200-plus employees that Musk has unethically fired have banded together in another lawsuit. It’s almost hard to keep up with.

For those with investments in cryptocurrency, this is likely to have impacted you positively. Whether or not the cryptocurrency will continue to rise and at what speed is unclear. We can watch from the outside for those without investment in Dogecoin.