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Elon Musk changes his bio to “Former CEO of Dogecoin,” and the price is responding

Maybe it was meant to be a fool’s day stunt but it has gotten the attention of Tesla’s CEO even to a point of changing his Twitter bio to include “Former CEO of Dogecoin.”

On April Fool’s day, Dogecoin ran a poll on Twitter indicating that “Dogecoin does need a CEO. Someone who can lead us into the future.” Among the listed possible ‘CEOs’ were Vatalik Buterin of Ethereum, Charlie Lee of Litecoin, Elon Musk of Tesla, and Marshall Hayner who is the CEO of a payment processing platform, Metal, which has crypto affiliations.

Elon Musk beat the other three by garnering more than half of all votes. On April 2, the Dogecoin account running the poll replied saying that Musk has been voted as the best candidate to lead Dogecoin into the future. Adding that Musk should “DM us where to email the access codes.”

In response, the Tesla CEO said that “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” He also followed the with other tweets all portraying Dogecoin in a positive light.

Apart from the tweets, Musk seems to have been excited about the poll’s outcome to a point of changing his Twitter bio which now reads, “Former CEO of Dogecoin” after being changed from “CEO of Dogecoin.”

However, Elon is cautious that such an endorsement, even though it may be an April Fool’s day stunt, may sway investors. Thus, in a tweet, the Tesla CEO said that “Dogecoin value may vary.”

The “former CEO of Dogecoin” seems to have an effect on Dogecoin’s price since it closed April 2 exchanging hands at $0.0028 up from $0.0020 on March 31. Its traded volume has also increased from $18.8 million on March 31 to $60.3 million on April 2. At the time of writing, Dogecoin was exchanging hands at $0.0033 and a 24 hour volume of $83.9 million.

Do you think Musk changing his bio to the “Former CEO of Dogecoin” has a direct effect on the price and traded volume or does the current Bitcoin price appreciation to attribute for the rise?

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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