Though Musk generally makes public statements about crypto normally, his continued curiosity in DOGE has drawn up speculations.
The value of Dogecoin (DOGE) has as soon as once more reacted in keeping with a tweet from Tesla CEO Elon Musk. As CoinMarketCap data suggests, the favored memecoin noticed over a 4% improve in worth, shortly after Musk tweeted on Wednesday. He merely wrote “Doges ftw,” and what adopted was that the DOGE’s worth spiked to as excessive as $0.072 from round $0.069 the place the value was hovering earlier than the submit.
Dogecoin Response to the Tweet by Musk
As of press time, nonetheless, the token has misplaced a few of its beneficial properties and may be seen buying and selling at simply above $0.070. However regardless of the losses, DOGE’s worth remains to be up 1.41% within the final 24 hours.
Curiously, Dogecoin was not the one coin to see a bump in worth on Wednesday. Shiba Inu coin (SHIB), the second largest memecoin by market capitalization after DOGE, additionally skilled a worth surge. However the surge was short-lived because the coin has since retraced practically all of its current steps.
Elon Musk’s Bond with Dogecoin (DOGE)
Undoubtedly, there seems to be a sure relationship between Elon Musk and the favored dog-themed cryptocurrency. A lot in order that the Tesla CEO has, on a number of events, made public feedback in regards to the coin, due to this fact, incomes him the alias “The Doge Father.”
Musk’s influential function in popularizing Dogecoin can’t be over-emphasized. He even went so far as dedicating a section of his Could 2021 look on the “Saturday Evening Stay” present to DOGE. And as one would recall, DOGE hit its all-time excessive worth of $0.73 across the similar interval.
Though Musk generally makes public statements about crypto normally, his continued curiosity in DOGE has drawn up speculations that the Tesla billionaire could be a really massive DOGE holder.
His affect over crypto markets, normally, can be noteworthy. That’s as a result of these markets even have a historical past of reacting to Musk’s feedback.
To place the above assertion into perspective, Coinspeaker reported about Musk floating an AI-focused enterprise to compete with ChatGPT. And in consequence, synthetic intelligence-based tokens instantly took to their heels on the information.
Mayowa is a crypto fanatic/author whose conversational character is sort of evident in his type of writing. He strongly believes within the potential of digital property and takes each alternative to reiterate this.
He is a reader, a researcher, an astute speaker, and in addition a budding entrepreneur.
Away from crypto nonetheless, Mayowa’s fancied distractions embrace soccer or discussing world politics.