Dogecoin: 380% increase in traders thanks to Elon Musk

A Capital.com platform reports that the number of Dogecoin (DOGE) retail traders apparently increased by 380% in one day, thanks to Elon Musk’s intervention. Not only that, the Tesla CEO, also announced that the company has sold 75% of its Bitcoin (BTC) stash, but not one cent of DOGE, which at the time of writing is estimated to be holding $222 million in crypto. 

Dogecoin (DOGE): Elon Musk caused a 380% increase in traders in one day

According to reports, it appears that a Capital.com trading data analysis report found that thanks to the intervention of the infamous Elon Musk, the number of Dogecoin (DOGE) retail traders increased by 380% on that day. 

Specifically, the report apparently cites the following:

“Given the nature of the memecoin sector it is unsurprising that Musk’s intervention drove a spike of +383% increase in memecoin traders on Capital.com’s group platform that day”.

The day at issue would be precisely when Elon Musk announced his $43 billion plan to purchase Twitter Inc. 

So, in an analysis of the trend of retail traders in the second quarter by Capital.com, it appears that DOGE and SHIB have remained popular, despite the long “crypto winter”. 

And in fact, the report states that since 7 May, platform traders have maintained their exposure related to SHIB and DOGE, generally decreasing their exposure on the platform for Bitcoin (BTC). 

Tesla has been selling BTC and not DOGE

Another significant piece of data that confirms the love between Elon Musk and Dogecoin (DOGE), is the choice to sell part of Tesla’s Bitcoin (BTC) reserve and not a penny of DOGE, coming today to hold a total of $222 million in cryptocurrencies.

In essence, Tesla’s CEO announced last week that the company had to sell 75% of its Bitcoin (BTC) holdings, the equivalent of $936 million, to generate cash, but without liquidating DOGE.

Not only that, in a previous interview, Musk had stated that he initially got into Dogecoin thanks to SpaceX and Tesla employees and that, since then, his tweets have become supportive of the memecoin. 

The new update

So as the richest man in the world unveils his innate support toward the quintessential memecoin, the price of DOGE has been fluctuating over the past few days, dropping from $0.065 to $0.072 and back to $0.067 at the time of writing.

Not only that, recently Billy Markus’ project also announced the launch of its latest version of Dogecoin Core software: update 1.14.6. 

The new update addresses security, with the removal of the alert system and the disabling of alert message processing resulting in more network efficiency. 

Again, Musk wasted no time in stepping in to highlight DOGE’s new status with an appreciative tweet of his own.

Upgrades!

— Elon Musk (@elonmusk) July 21, 2022

“Upgrades!”