Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk sent fans of Dogecoin (CRYPTO: DOGE) into a frenzy after he changed his profile photo on Twitter Inc. (NYSE:TWTR) to one that shows his support for the meme cryptocurrency.
What Happened: Musk, who has 58.3 million followers on Twitter, updated his profile picture to a show a photo of him with the reflection of Dogecoin in his sunglasses.
Image: Photo put as Profile Picture on Twitter by Elon Musk.
Musk’s new profile photo has thrilled the Dogecoin community.
Dogecoin co-founder Billy Markus, who goes by the username Shibetoshi Nakamato on Twitter, posted his own meme about Musk’s ability to move the crypto markets.
Elon Musk be like pic.twitter.com/LRs6kEPgvB
— Shibetoshi Nakamoto (@BillyM2k) July 17, 2021
David Gokhshtein, a crypto investor and entrepreneur, noted that the hashtag “DogeShades” was trending in the top spot on Twitter in the U.S. after Musk changed his profile photo.
— David Gokhshtein (@davidgokhshtein) July 18, 2021
Why It Matters: Musk’s tweets about Dogecoin sometimes have an overwhelming impact on its price. However, the meme cryptocurrency has erased the gains it made after Musk’s profile photo change.
While the meme cryptocurrency’s year-to-date gain stands at an impressive 3,036.9%, it is down 75.7% from its all-time high of $0.7376 reached in May.
Dogecoin is down 7.3% during the last 24 hours, trading at $0.1787 at press time.