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It would be fun to see Elon Musk succeeding our beloved John McAfee in the coin of the day pump and dump meme. Most of us miss the fun and dangerous profits of following McAfee on twitter, waiting for him to wake up and pump the next shitcoin by 50-500% in just 2 minutes!
Yesterday it was the community dubbed ex-Doge CEO and current CEO of Tesla and SpaceX Elon Musk that helped our favorite altcoin Dogecoin pump.
It didn't pump a lot, just a mere 16% so far, as it was already done so by the TikTok crypto community but still this tweet helped Doge chart bounce and perhaps recover its upwards trend (not investment advice).
This instantly reminded me of the McAfee's meme tweets about any random altcoin that paid him the most to shill! Mcafee during December 2017, right when altcoins started their crazy bull run, kicked off his "Coin of the Day" tweets, highlighting certain features of these altcoins while covering mostly low capped cryptocurrencies usually having low volumes, initially on Bittrex exchange and then moving to Binance.
He tweeted about Verge, Tron, Electroneum, Burst, and various other coins, while traders were instantly buying and dumping right after a few minutes passed. Some traders were using bots, picking the name of the projects he was tweeting about, were profiting the most from these pump 'n dumps. There were even programmers selling such bots and calling them McAfee bots.
McAfee later switched his pump and dump model to weekly calling it "Coin of the Week" but the bull run along with the altcoin season was over. The SEC put a stop on the ICO craze, Google and social media banned all crypto ads and Mt.Gox trustee announced the sale a large chunk of Bitcoins (around 180,000BTC). The CME futures also launched and it was a "sell the news" moment. Many "hodlers" liquidated their positions an some of them exited the market completely making millions in the process. It was the beginning of a long bear market and capitulation, with miners throwing their ASICs in the streets and TA experts calling for $1000 BTC.
In retrospect 2017 is difficult to be explained. Elon Musk has his own business and was mostly staying out of all these. Sometime in 2018, he tweeted about Bitcoin and Ethereum, and jokingly he stated that Doge was his favorite cryptocurrency!
Elon Musk can certainly pump a coin and his personality has managed to make the price of Tesla mimic parabolic trends of cryptocurrencies.
I will try to make an article dedicated to Dogecoin but it will need to be perfect, as Doge has die-hard holders that I wouldn't dare to disappoint.