When it comes to celebrities and cryptocurrencies, the first thing that comes to everyone’s mind is Elon Musk. He always manages to influence cryptocurrencies and his latest crypto involvement is with Dogecoin.
After putting up a tweet recently, Elon Musk managed to boost the value of this cryptocurrency. After the peak that Dogecoin had in April, it has dropped 75% in value in July, but Musk managed to improve its price tag and bring it to about a 17% decline.
The tweet was simple – ‘Lil X is holding his doge like a champ’. Holding is a reference to HOLD, while doge is a reference to the cryptocurrency itself. This tweet was Elon Musk’s reply to a Musk and Dogecoin fan account.
What’s interesting about this tweet is that this is not the first time that Musk has managed to ramp up the price of a cryptocurrency with just a few words. A couple of weeks ago, he nodded Baby Doge Coin, which was created by Dogecoin community members, by tweeting a modified version of the Baby Shark song. That caused this new cryptocurrency to a spike in value and in popularity.
Elon Musk and His Investment
Tweets are not the only things that connect Elon Musk with cryptocurrencies. A while ago, he managed to boost Bitcoin as well through his company, Tesla Inc. Back in February, this car manufacturer invested around $1.5 billion in Bitcoin. Not only did it made a hefty profit, but it also managed to boost its price. Bitcoin rose from $47,000 to over $50,000 in just a couple of days.
2021 has been extremely good and successful for Dogecoin. After the restrictions that were placed on meme stocks in January, many traders were frustrated which is why they decided to give support to this cryptocurrency by investing in it.
In just one day, between January 29 and January 29, Dogecoin managed to rise by 216%. Hence, it became one of the most talked-about cryptocurrencies, not because it was as valuable as Bitcoin or Ethereum, but because it recorded massive growth.
As mentioned earlier, Dogecoin reached its peak price tag in April, when it was valued at $30.77. Since then, it has dropped and it is valued at less than a dollar, but Elon Musk has managed to provide some help for it. Dogecoin is now also listed on CoinTiger, a surging and very reputable exchange platform that provides traders with a secure trading experience. To gain access to it, you just need to register.
Compared to 2020, Dogecoin is up by around 6,000%. Recently, Dogecoin’s creator, Jackson Palmer, even slammed the crypto market by stating that it is hyper-capitalistic and inherently right-wing technology that has one single purpose – make people richer by allowing them to slip through the holes of tax laws and regulatory authorities.
Nevertheless, cryptocurrencies, Dogecoin included, have a very successful year. The rise of the crypto market has been substantial as thousands of new traders are reportedly registering to the respective network. The main reason why they want to trade with Dogecoin and other cryptocurrencies is that they have become extremely profitable. Moreover, experts believe that they will rise again at the end of the year.