This was a response to a tweet about Bitcoin miners by Brett Winton, Director of Research at Ark Invest. Speaking about mining, on April 1, the 19 millionth Bitcoin was minted.
Winton has posted a joke that features a short conversation between someone who understands Bitcoin and Bitcoin mining and someone who does not know that “miners” are hardware. The ignorant one here is the mother, i.e. an old-school person who does not understand crypto and does not know that miners are not only people but also micro chips.
Elon Musk responded, posting a video about Dogecoin, saying that it “explains everything”. The video features a Shiba Inu dog (a symbol of DOGE) riding a rocket that allows it to leave behind Bitcoin and other major cryptos by market cap. The price of DOGE surges in it and the coin is going “to the moon”.
The video also briefly shows micro chips that are used for Proof-of-Work mining algorithm used for Dogecoin, Bitcoin, Litecoin and other first-gen coins and their off-springs.
Dogecoin co-founder Billy Markus has joined the discussion, calling this video "best cryptocurrency video in history".
In the thread below Winton’s tweet, a commentator also shared his complaints of being unable to explain Bitcoin to his spouse. Another Twitter user in his late 60s admitted that he cannot understand Bitcoin but he feels that he misses out on something big.
Brenton responded that the meme posted by Musk is too far for the person in the root tweet. But he admitted that his five-year old child is already urging him to set up an account on Coinbase.
In early March, the head of Tesla tweeted that he still holds some Dogecoin, and two major cryptocurrencies – Bitcoin and Ethereum. Musk stated that he was not going to sell his stashes.
The price of Dogecoin responded immediately, staging a rise by 9 percent, which did not last long, though.
In the past, tweets posted by Musk had a stronger impact on the Dogecoin price, making it go up with nearly every mention in the centibillionaire’s tweet. But now this “Musk effect” on the price of DOGE seems to be wearing off.